GC Asia
Glaxo drinks deep with $9bn bond as US brims with cash
It was another $30bn week in the all-guns-blazing US investment grade bond market, but the clear star of the show was the $9bn four tranche offering for UK pharmaceutical firm GlaxoSmithKline, which pulled a staggering $17.8bn of orders.
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Launched to fund a share buyback programme, the deal broke several US dollar high grade records.It was the largest corporate Yankee issue since British Telecom in 2000; the biggest corporate bond since WorldCom in 2001; and the largest ever corporate issue outside the telecom ...
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