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Teva corporate bond deal could become year’s 3rd biggest

Teva Pharmaceutical Industries Ltd. is heading towards one of the year’s largest US corporate bond deals as foreign investors stampeded for a piece of the high-quality paper
Teva corporate bond deal could become year’s 3rd biggest
Teva corporate bond sale heavily over-subscribed

Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) is heading towards one of the year’s largest US corporate bond deals as foreign investors stampeded for a piece of the high quality paper.

The Israeli group, which will use the proceeds to fund its acquisition of Allergan’s (NYSE:AGN) generic drug business, counted orders of $70bn for a bond sale of between $14bn and $16bn.

If completed at the high end of expectations, the transaction would rank as the year’s third-largest corporate bond deal, behind a $46bn sale by Anheuser-Busch InBev and a $20bn offering from computer maker Dell (NASDAQ:DELL).

Teva’s ADRs were changing hands at $52.04, down 0.32%, on Monday.

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