Deal of the Month: Pfizer

In the week ending March 20, the US pharmaceutical company Pfizer raised $13.5bn in the US dollar bond market in four tranches to repay the bulk of its $22.5bn bridge loan acquired in the purchase of fellow pharma firm Wyeth.

Even in the context of the most prolific quarter in the debt markets since records began, this constituted a very large transaction indeed. But what made it even more noteworthy was that it occurred only a month after Roche, another pharmaceutical, had taken $16.5bn out of

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