Diageo, the world's leading alcoholic drinks group, has launched and priced a $1bn, fixed rate bond.

The long 5-year, Dollar denominated bond has been issued under Diageo's US Debt Issuance Programme, the firm announced yesterday (20 October).

It said that proceeds from the bond, which is not due until 15 January 2014, would be used for "general corporate purposes".

The move is a sign that Diageo is looking to increase stability in the wake of a global financial crisis.

The issuer of the bond is Diageo Capital Plc, with payment of principal and interest fully guaranteed by Diageo plc.