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Likely Record Pfizer 8Pt Jumbo Issuance to Finance Seagen Deal

PIPELINE
  • Date $MM Issuer (Priced *, Launch #)
    • 05/16 $Benchmark Pfizer 8pt jumbo: 2Y +70a, 3Y +85a, 5Y +105a, 7Y +125a, 10Y +135a, 20Y +140a, 30Y +165a, 40Y +170a.
    • 05/16 $1.25B JICA (Japan Int Coop Agcy) 5Y SOFR+76
    • 05/16 $Benchmark CADES 5Y SOFR+45 (books over $5B)
    • 05/16 $Benchmark Saudi Arabia Sukuk 6Y +80, 10Y +100
    • 05/16 $Benchmark COE Development Bank 3Y SOFR+24a
  • Pfizer mandated several dealers Monday to make investor calls to gauge interest in a multi-tranche issuance to help fund $43B Seagen deal. Domestic issuers have paused to make room for today's offering. Estimates around $25-30B puts it in the top 10 all-time largest corporate debt issuance:
    • Record Size Issuance
    • 8/11/13 $49B Verizon
    • 1/13/16 $46B AB InBev
    • 9/04/18 $40B CVS 9-part
    • 11/12/19 $30B AbbVie jumbo 10-part
    • 3/9/2022 $30B ATT/Discovery 11pt via Magallanes inc
    • 10/2/18 $27B Comcast 12-part (Sky PLC financing)
    • 3/11/21 $25B Verizon 9-part
    • 4/30/20 $25B Boeing 7-part
    • 2/15/23 $24B Amgen 8-part
    • 7/27/17 $22.5B AT&T 7-part

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