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BDX will issue $3.2bn of new debt. It has issued in both EUR and USD in February.
- Graph attached shows the levels of XCCY USD Equivalent Asset Swap.
- The two curves are broadly similar with EUR BDX 1.213 36 perhaps a little rich.
- Basically, we would expect BDX to be fairly neutral about the currency of issuance.
- Neither particularly stands out but, yes, we could see some EUR
Currency Years asw usd BDX 0.334 28 EURO 4.19 88.7 BDX 3.553 29 EURO 5.27 104.8 BDX 1.213 36 EURO 11.69 109.2 BDX 1.336 41 EURO 17.19 128.5 BDX 4.874 29 USD 4.68 85.6 BDX 4.298 32 USD 8.22 114.3 BDX 5.11 34 USD 9.68 125.6 BDX 4.685 44 USD 20.53 137.8 
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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