Pfizer grabs record low coupon as Covid dollar bond dash starts to wane

By David Rothnie
21 May 2020

Pfizer was at its opportunistic best this week as it issued $4bn of notes that included the lowest ever coupon on a corporate five year bond.

The US high grade market has turned in two consecutive months of record issuance, as emergency funding deals have given way to forays out of choice, timed to secure attractive funding.

This has created a virtuous circle: companies have drawn down loans, refinanced them in the bond market, then ...

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