Teva bonds drop further

Israeli pharma company Teva’s bonds plunged further on Monday after “one acquisition too far” saw ratings downgrades combined with concerns that the company will breach its debt covenants, prompting investors to dump holdings.

  • By Virginia Furness
  • 07 Aug 2017
Teva’s €1.5bn 1.125% October 2024s had fallen to a cash price of 93.5 on Monday from 96.625 a week earlier. The yield on those bonds had risen to 2.14% from 1.66% over the same period, and the trading of the rest of its bonds has followed a similar ...

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