Given that most companies continue to focus on hoarding cash, there has been a great deal of comment in recent weeks on the huge investment that firms, such as McDonald's, Coca-Cola and Budweiser, have spent on sponsorship of events like the FIFA World Cup-the global football (or soccer for you North Americans) championship.

FIFA World Cup sponsors argue that expensive brand management is a worthwhile investment, even in the face of uncertain economic conditions. The question is when the payback is worth the cost and how to measure that return.

As companies branch out beyond traditional funding sources, many are considering tapping the unrated bond market. Investors are snapping up deals – enjoying the higher returns from unrated bonds—and companies are starting to recognize that demand. While they may have to pay a premium to make up for the lack of a rating, and the disclosures that go with it, the development could augur less reliance on rating agencies, whose value has been called into question.

A number of deals have gone forward in both the US and in Europe—although more in Europe, which traditionally has a larger unrated market. For example, UK rail company National Express launched a $570 million, 7-year deal in January, which came in with a coupon of 6.25 percent.