Glaxo goes head to head with UTC and both come out winners

Petr Sagan
By Nigel Owen
17 May 2018

Two A rated corporates went head to head in the euro corporate bond market on Monday as UK pharmaceuticals giant GlaxoSmithKline and US electrical systems manufacturer United Technologies Corp both launched triple-tranche deals, with two matching maturities involved in the €4.5bn of bonds.

Glaxo had hit three, five, seven and 10 year tenors with a $6bn five-tranche dollar trade the previous Thursday, so opted for a two year floating rate note and eight and 12 year fixed rate notes in euros. However, United Technologies Corp also announced a two year ...

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