Michelin, Europe's leading tyre manufacturer, enlivened the primary bond market ahead of the Easter holiday with a benchmark bond that was doubled in size after drawing orders worth more than €2.5bn ($2.2bn).

The French firm had initially planned to raise €750m through a seven-year note offering, but strong demand pushed the size up to €1bn. Orders totalled €2bn, according to bankers close to the deal. Reverse inquiries during the pre-roadshow marketing drive led to the inclusion of a €500m 10-year tranche, which was mildly oversubscribed.