Pharmaceutical giant Pfizer secures $31 billion in financing on Tuesday, as companies pick up the borrowing pace ahead of a June U.S. debt-ceiling deadline.
Pharmaceutical giant Pfizer secured $31 billion in financing on Tuesday, as companies pick up the pace of borrowing ahead of potential market turmoil tied to the U.S. debt-ceiling fight.
Pfizer PFE borrowed the funds via an eight-tranche bond deal that will go toward its roughly $43 billion acquisition of Seagan, a biotech focused on creating therapies to treat cancer, according to public documents tied to the financing. The bond deal ranks as the fourth-largest on record for the U.S. investment-grade corporate bond market, according to data from Informa Global Markets.
“The acceleration this week could be, at least in part, due to the upcoming U.S. debt-limit X-date in early June,” a team of BofA Global researchers, led by Yuri Seliger, wrote in a recent client note.Treasury Secretary Janet Yellen in early May said the U.S. could be unable to pay all of its bills by June 1, a warning she repeated earlier this week.
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