Sector focus: pharma

Bond issuance from the pharmaceutical sector has hit $70 billion so far this year, with investors clamouring for exposure to these highly rated non-cyclical names. 

Is it ironic, or simply logical, that an industry which aspires to cure all ills should thrive on what's bad for everyone else? Either way, in a beleaguered world, the pharmaceuticals sector has been a radiant light in M&A, in equities and, most of all, in the bond markets.

If anyone needed reminding, along came market leader Pfizer

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