Aston Martin needs to have a proper look under the bonnet | Nils Pratley

Fundraising cash via bonds screams of desperation by carmaker whose balance sheet needs a proper overhaul

Here comes Aston Martin with news of its "successful" placing of $150m (120m) worth of bonds. Success, in this context, merely means the company got its cash. Everything else about the fundraising screams of desperation on the part of the borrower.

Aston Martin will pay interest at 12%, a corporate pauper's rate. A second $100m bond will have to be pitched at 15% if sales targets on the new SUV model are not met. It is quite a reversal: as recently as April, there were buyers for new Aston Martin IOUs at 6.5%.