$15B Abbvie 7Pt Jumbo Launched, $5B Larger Than Immunogen Deal

Abbvie's $15B 7-tranche issuance is appr $5B larger than the amount paid for Immunogen: according to Abbvie, the transaction was "valued at $31.26 per share in cash, for a total equity value of approximately $10.1B." Needless to say, market eager to provide the capital with the order book growing over $80B before the launch.

• Date $MM Issuer (Priced *, Launch #)
• 2/22 $15B #Abbvie** $2.25B 3Y +35, $2.5B 5Y +50, $2B 7Y +60, $3B 10Y +75, $750M 20Y +75, $3B 30Y +95, $1.5B 40Y +105
• 2/22 $2B *Federal Rep of Germany (KFW) 10Y +51
• 2/22 $2B #BNG Bank 3Y SOFR +32
• 2/22 $1.7B #Exelon $650M 5Y +87.5, $650M 10Y +115, $400M 29Y +130
• 2/22 $1B Royal Caribbean 8NC3
• 2/22 $700M #Northern States WNG 30Y +97
• 2/22 $2B #Caterpillar $800M 2Y +35, $600M 2Y SOFR+46, $600M 5Y +55
• 2/22 $Benchmark Panama 7Y 8%a, 13Y 8.5%a, 33Y 8.75%a
• **Abbvie held investor calls yesterday after filing funding offer to fund Immunogen deal. For historical context, back on November 12, 2019, Abbvie issued $30B debt over 10 tranches