PFE - Pfizer Prices US$5bn Bond As Corporate Debt Deluge Continues
New York-based pharma giant Pfizer (NYSE: PFE) sold US$5bn of new corporate bonds Monday in five parts, as the company contributes to a groundswell of issuance amid low U.S. interest rates.
The senior unsecured deal, comprised of maturities ranging from two- to 30-years, attracted decent demand, with spreads on the tranches having compressed anywhere between 10-12bps over the course of their pricing evolution.
It appears most investors’ interest was centered on the shorter-dated notes, likely due to the sensitivity of interest rate risk in the longer end of the maturity spectrum.
Pfizer said it will