Last year’s big drug deals are helping inject life into the heftier end of the eurobond market. Novartis, the pharmaceuticals giant, has launched a seven year E1.5bn eurobond paying 4.25% with a spread of 95 basis points over midswaps.
The deal follows last year’s $11bn acquisition of a 25% stake in eye-care company Alcon from Nestlé which came with an option to buy Nestlé’s remaining 52% holding in 2010 at an as yet undetermined price.
