US pharma makes rare euro foray (TT JulAug 07 p9)
The Treasurer July-August 2007
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.
