marketwatch BONDS (TT JulAug 07 p9)

The Treasurer July-August 2007

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US pharmaceutical giant Pfizer, rated Aa1/AAA, offered diversification through an extremely rare foray into the euro market. The issuer placed €900m of 10-year bonds through sole lead manager JPMorgan. Investor demand was very strong, with books oversubscribed within an hour of announcement, and the deal priced in line with guidance at mid-swaps plus 10bp.

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