Italian car maker Fiat sold its first bonds in two years on Thursday in a transaction that highlights strong investment demand for risky debt despite few signs of a short-term economic recovery. Fiat is junk rated and has just acquired a stake in US auto manufacturer Chrysler.

Fiat drew more than €10bn ($14bn) in orders from investors for a €1.25bn, three-year bond to help it refinance debt, in spite of the risk of a downgrade to its credit rating, which Standard & Poor’s has kept on negative CreditWatch.