pharmaceutical giant pfizer secured 31 billion in financing on tuesday as companies pick up the pace of borrowing ahead of potential market turmoil tied to the us debtceiling fight pfizer pfe borrowed the funds via an eighttranche bond deal that will go toward its roughly 43 billion acquisition of seagan a biotech focused on creating therapies to treat cancer according to public documents tied to the financing pricing on the bonds rated a1 by moody’s investors service narrowed about 20 basis points from initial expectations with the 5 billion class of 10year bonds clearing at a spread of 125 basis points above the riskfree treasury rate tmubmusd10y  or a yield of about 47 according to a person with direct knowledge of the dealings bankers initially pitched the bonds to investors at a range of treasurys plus 145 basis points according to creditsights lower spreads mean investors receive less compensation the bond deal ranks as the fourthlargest on record for the us investmentgrade corporate bond market according to data from informa global markets analysts at bofa global this week noted an uptick in us investmentgrade corporate bond supply with issuance in may see chart already exceeding the 69 billion priced in april while the chart doesn’t include tuesday’s mega financing for pfizer it does show the dramatic drop in issuance volume in march from a year ago when the federal reserve began to quickly raise rates from nearly zero it also shows may issuance increased from a month before “the acceleration this week could be at least in part due to the upcoming us debtlimit xdate in early june” a team of bofa global researchers led by yuri seliger wrote in a recent client note pfizer didn’t immediately respond to a request for comment its shares closed 04 lower tuesday treasury secretary janet yellen in early may said the us could be unable to pay all of its bills by june 1 a warning she repeated earlier this week after a second round of debtceiling talks between president joe biden and congressional leaders tuesday house speaker kevin mccarthy said disagreements remain but that a deal might be possible by the end of the week see mccarthy says second debtceiling meeting was ‘a little more productive’ while biden says he’s optimistic stocks closed lower on tuesday with the dow jones industrial average djia closing 336 points or 1 lower while the sp 500 index spx fell 06 and the nasdaq composite index comp shed 02