While regulators are uneasy over record debt, investors so far seem content to oblige borrowers. When utility Veolia tapped the market for a three-year bond last month, not only did it secure a negative interest rate, but investor bids reached four times the amount offered. Moody's analyst Guillaume Leglise said that credit quality and companies' ratings were on average stable, even though some firms had leveraged up. "Everything is on track, there isn't a short-term liquidity risk, most companies are taking advantage of exceptional market conditions to refinance or to finance acquisitions with debt," Leglise said. Indeed, Moody's forecasts French corporate bond issuance to rise next year as the economy picks up. Societe Generale co-head of corporate debt origination Felix Orsini said issuers were being cautious, even if the temptation to take on debt was rising after years of low interest rates.