Merck bags Eu3.2bn with ease as wait ends for M&A bonds

Merck KGaA drew orders of almost Eu26bn for a Eu3.2bn acquisition-related bond this week. While the issue grabbed investors’ attention as the first M&A-driven bond to hit Europe this year, the deal’s pricing also came under scrutiny as retail buyers, once again piling into a booming corporate bond market, drove the price tighter.