Bristol-Myers wins bragging rights over IBM

By David Rothnie
09 May 2019

The US corporate bond market caught fire this week, as two huge M&A financings - $19bn for Bristol-Myers Squibb and $20bn for IBM - were priced on successive days, and met contrasting fortunes.

Bristol Myers-Squibb printed the biggest deal of 2019 with its $19bn nine tranche issue on Tuesday to fund its acquisition of Celgene. The record lasted for just 24 hours until IBM pipped it with a $20bn eight trancher to finance its purchase of Red Hat.

But the similarities ...

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