Biotech Values

[DewDiligence]

AMGN—The $750 million of 2.3 percent, five-year notes yield 90 basis points more than similar-maturity Treasuries, the $1 billion of 4.1 percent, 10-year debt pays a spread of 120 basis points and $1.25 billion of 5.65 percent [30-year] bonds due in 2042 yield 140 basis points more than benchmarks…

Good move by AMGN. At these rates, it absolutely makes sense for them to leverage the balance sheet.