Valeant's US$10.1bn four-tranche bond flew through the US high-yield market on Friday, making last week the largest issuance week ever in the asset class, with a total of US$15.775bn priced. Even as Lipper data showed investors taking money out of junk bond funds, Valeant was heard to have attracted a whopping US$29bn in orders for the M&A transaction. The pharma company priced a US$2bn 5.375% senior unsecured five-year note, a US$3.25bn 5.875% eight-year, a €1.5bn 4.50% eight-year and a US$3.25bn 6.125% 10-year at par.
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