Teva ups dosage to $2.1bn as investors devour pharma bond

By Karoliina Liimatainen
20 Nov 2019

Israeli-US pharmaceutical company Teva has priced a $2.1bn bond package at the tighter end of initial price thoughts. Although Teva is still to sign a binding global settlement on its involvement in the opioid crisis, investors were happy to jump aboard a rare double-B issue yielding as much as 7%.

Teva only intended to issue $1.5bn of 2025 senior unsecured notes but increased the size first to $2bn and finally to $2.1bn equivalent — implying strong demand from the investor community on both sides of the Atlantic. The issue was split into euro and dollar tranches — €1bn ...

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