TEVA- NEW ISSUE COMMENT
On 7 March, pharmaceutical group Teva issued the EUR700m Senior Unsecured 3.25% 2022 and the EUR900m Senior Unsecured 4.5% 2025. Along with $2.5bn of Unsecured
notes, the new issues redeemed short-term debt. We initiate with a Sell on all Teva’s bonds.
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