Teva tightens Swiss franc tranche guidance on strong demand
Teva Pharmaceutical Industries, the Israeli generic drug company, revised guidance on its debut Swiss franc bond on Monday to 80bp over mid-swaps, from mid-swaps plus 85bp. The 6.5 year deal, maturing in 2018, is expected to be minimum Sfr250m ($221.46m) but already has an order book in excess of Sfr400m after opening on Monday morning. Pricing is expected this afternoon.
BNP Paribas, Credit Suisse and HSBC are leading the deal, which follows Teva launching its first non-dollar denominated bond on Thursday last week. That euro demoninated tranche, led by the same banks, raised 1bn in a sale that found exceptionally strong demand, with a 7bn order book.
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