Structured Notes Tied to Celgene, Gilead Hit Record High
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Investors are buying U.S. structured notes tied to biotechnology companies such as Gilead Sciences Inc. and Celgene Corp. at a record pace, as innovative drugs help power share growth.
Banks issued $531.2 million of notes linked to the 20 companies in the Nasdaq Biotechnology Index with the largest market capitalizations this year, more than 2.5 times the total for 2013. Investors snapped up $191.1 million of securities linked to Gilead and $101.4 million of notes tied to Celgene this year, the most for each company since at least 2010, according to data compiled by Bloomberg.