• Debt is back : AbbVie has completed a $7.8 billion senior note offering (2.3% coupon, 5-year maturity) that will be used to fund both the cash portion of its proposed Stemcentrx acquisition and also a set of related share buybacks. The notes were sold at the one-notch credit downgrades that AbbVie received from both S&P and Moody's following the Stemcentrx announcement. It's the sort of development that likely warms Michael Dell's heart...