NEW YORK - Pfizer Inc, the world's largest drugmaker, launched a $13.5 billion debt sale in five parts on Tuesday, said IFR.
The bond sale has garnered about $27 billion in interest, buy-side sources looking at it said, with about 1700 orders placed, one trader said.
The sale is expected to consist of $1.25 billion two-year floating rate notes priced at 195 basis points over the three-month London international bank offered rate, said IFR, a Thomson Reuters service.
It is also expected to include $3.5 billion three-year fixed-rate notes yielding 305 basis points more than comparable U.S. Treasuries, $3 billion six-year notes yielding 340 basis points over Treasuries, $3.25 billion 10-year notes yielding 325 basis points over Treasuries and $2.5 billion 30-year bonds yielding 345 basis points over Treasuries.
Bank of America, Barclays, Citigroup, Goldman Sachs and JP Morgan are the joint lead managers of the deal. Pfizer is raising money to help fund its purchase of Wyeth (WYE.N).
Investors have eagerly bought over $163 billion of new U.S. corporate bonds this year, according to Thomson Reuters data, as many see corporate bonds as the most attractive alternative to safer but lower yielding U.S. government debt. (Reporting by Tom Ryan; additional reporting by Dena Aubin; editing by Kenneth Barry)