Deals of the month - Glaxosmithkline

Rare issuer GlaxoSmithKline has made a storming return to the bond market with a $9 billion financing across four tranches featuring maturities ranging from two to 30 years. The deal is the largest pharmaceutical trade ever and the largest dollar-denominated corporate bond since 2001. It was led by Citigroup, JPMorgan and Lehman Brothers.

While GSK had been absent from the market since 2004, conferring considerable rarity value on the issue, it had to contend with recent competition from several

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