Amgen Bonds Rally in First Day of Trading After $24 Billion Sale

Amgen Inc.’s newly issued bonds are rallying on Thursday, the day after the drugmaker’s $24 billion jumbo debt sale to help fund its purchase of Horizon Therapeutics Plc.

Risk premiums on the company’s 5.25% senior unsecured bonds maturing in 2033 tightened 7.1 basis points to 142.9. Spreads on Amgen’s 5.25% senior unsecured bonds maturing in 2030 tightened 12 basis points to 123.3 as of 12:54 p.m. in New York.

Proceeds from Wednesday’s eight-part bond sale will go toward repaying the outstanding balance of a bridge loan the company used to help fund its acquisition of Horizon in December. The ...