Merck's €1.5bn hybrid carries record coupon

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Merck's €1.5bn hybrid carries record coupon

Merck KGaA 230x150

German pharmaceutical company Merck issued its first hybrid bond, a €1.5bn dual tranche deal, on Monday, less than a week after Volvo issued its first piece of hybrid capital. Merck's notes carry a 2.625% coupon, a record low for corporate hybrid issuance.

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