CVS Health slims debt with buyback

By David Rothnie
10 Dec 2020

CVS Health Corp jumped at the opportunity to conduct a liability management exercise this week, as US corporate bond issuance began to tail off amid signs of investor caution in the run-up to the year’s end.

Issuance was lower than expected as some borrowers who had looked to pre-fund for 2021 paused.

“As we approach year end, investors are becoming more cautious, dealers are reducing balance sheet risk and there is also the rise in Covid cases,” said a dealer.

EPFR reported a $4.2bn outflow ...

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