Morning Briefing
Summaries of health policy coverage from major news organizations
In Preparation Of Its Acquisition Of Aetna, CVS Sells $40B Of Bonds
Pharmacy chain CVS Health sold $40 billion of bonds Tuesday to help pay for its acquisition of health insurer Aetna Inc. months before it needs the money, seeking to get ahead of an expected rise in interest rates and a flood of borrowing across the economy. The sale, the largest in two years, showed there is still eager demand from investors for corporate bonds issued by financially strong borrowers. But investors and companies say they are bracing for a sea change in the markets caused by shifts in U.S. monetary and fiscal policy that could penalize prospective debt issuers for waiting. (Wirz, 3/6)
CVS Health Corp.聽completed the third-largest corporate bond sale on record to fund its acquisition of Aetna Inc., testing the appetite of a market that鈥檚 off to its worst annual start in decades. The聽pharmacy giant issued $40 billion of investment-grade debt in a nine-part offering, people with knowledge of the matter said. That鈥檚 surpassed only by Verizon Communication Inc.鈥檚 $49 billion offering in 2013 and Anheuser-Busch InBev SA鈥檚 $46 billion sale two years ago. (Smith, 3/6)