Eli Lilly Prices Record $6.75 Billion Bond Sale Amid Scarce Long-Dated Supply

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2025-08-19 18:51:02

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Eli Lilly & Co. has launched its largest-ever U.S. investment-grade corporate bond offering, pricing $6.75 billion across seven tranches. The deal includes a rare 40-year bond—a bold MOVE in today's high-rate environment—priced at 73 basis points over Treasuries. Proceeds will address general corporate needs, including debt reduction for the $35 billion-liability pharmaceutical giant.

The transaction underscores shrinking appetite for long-dated corporate debt. Only 11% of 2024's high-grade issuances carried 30+ year maturities, down from 15% last year, as borrowers balk at locking in elevated yields. Lilly's offering coincided with debt issuances from other blue chips like McDonald's on August 18.

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