BOND COMPLEXITY : MODERATEISIN: US126650DZ02
CVS 5.875% 01Jun2053 Corp (USD)
CVS HEALTH CORP
Indicative Bid Price
96.143
Bid Yield to Maturity
6.170%
Bid Yield to Call
6.172%
Min. Investment (Nominal)
2000
Indicative Ask Price
96.706
Ask Yield to Maturity
6.126%
Ask Yield to Call
6.128%
Next Call Date
30 Nov 2052
Credit Rating (Bond)
Investment Grade
Seniority
Investor Profile
Stable Income Seeker
Chart
Created with Highcharts 9.3.2Chart context menuBid Yield to CallAsk Yield to CallBid Yield to MaturityAsk Yield to Maturity10. Jun12. Jun14. Jun16. Jun18. Jun20. Jun22. Jun24. Jun26. Jun28. Jun30. Jun2. Jul4. Jul6. Jul8. Jul5.95.9566.056.16.156.26.25FSM Global
Bond Information
CVS Health Corporation provides health care and retail pharmacy services. The Company offers prescription medications, beauty, personal care, cosmetics, and health care products, as well as pharmacy benefit management (PBM), disease management, and administrative services. CVS Health operates in the United States and Puerto Rico.
Bond Issuer
CVS Health Corp
Guarantor
-
Announcement Date
29 May 2023
Issue Date
01 Jun 2023
Maturity Date / Next Call Date
31 May 2053 / 30 Nov 2052
Years to Maturity / Next Call
26.910 / 26.412
Issue/Reoffer Price
99.483
Issue/Reoffer Yield
5.912
Coupon Type
Fixed
Annual Coupon Rate (%)
5.875
Annual Coupon Frequency
Semi Annually
Seniority
Senior Unsecured
Exchange Listed
Others
Reference Rate
-
ISIN
US126650DZ02
CUSIP
126650DZ0
Bond Currency
USD
Total Issue Size
USD 1,250,000,000
Minimum Investment Quantity (Nominal)
USD 2,000
Incremental Quantity (Nominal)
USD 1,000
Bond Registration
Wholesale
Bond Type
Corporate
Bond Sector
Health Care
Bond Sub Sector
Health Care Providers and Services
Issuer Credit Rating (S&P/ Fitch)
***/BBB
Bond Credit Rating (S&P/ Fitch)
***/BBB
Shariah Compliant
No
W-8BEN Declaration needed 
Yes
Bond Feature(s)
Upon certain change of control events, the Issuer will be required to make an offer to purchase the Notes in cash at a price equal to 101% of their aggregate principal amount.

“Change of Control” means the occurrence of any of the following: (1) any event requiring the filing of any report under or in response to Schedule 13D or 14D-1 pursuant to the Exchange Act disclosing beneficial ownership of either 50% or more of our common stock then outstanding or 50% or more of our voting power or our voting stock then outstanding; (2) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of our properties or our assets and the assets of our respective subsidiaries taken as a whole to one or more persons (as defined in the indenture) other than us or one of our subsidiaries; or (3) the first day on which a majority of the members of our Board of Directors are not Continuing Directors. Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) we become a direct or indirect wholly-owned subsidiary of a holding company and (2)(A) the direct or indirect holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of our voting stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the voting stock of such holding company.
Prior to the Applicable Par Call Date, we may redeem the 2029 notes, 2031 notes, 2033 notes, 2053 notes and 2063 notes at our option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming such notes matured on the Applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus the Applicable Spread for such notes less (b) interest accrued to, but excluding, the redemption date, and

(2) 100% of the principal amount of the notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date.

“Applicable Par Call Date” means (i) with respect to the 2029 notes, December 30, 2028 (one month prior to the maturity date of such notes), (ii) with respect to the 2031 notes, November 30, 2030 (two months prior to the maturity date of such notes), (iii) with respect to the 2033 notes, March 1, 2033 (three months prior to the maturity date of such notes), (iv) with respect to the 2053 notes, December 1, 2052 (six months prior to the maturity date of such notes), and (v) with respect to the 2063 notes, December 1, 2062 (six months prior to the maturity date of such notes).

“Applicable Spread” means (i) with respect to the 2029 notes, 20 basis points, (ii) with respect to the 2031 notes, 25 basis points, (iii) with respect to the 2033 notes, 25 basis points, (iv) with respect to the 2053 notes, 30 basis points, and (v) with respect to the 2063 notes, 35 basis points.
On or after the Applicable Par Call Date, we may redeem the 2029 notes, 2031 notes, the 2033 notes, the 2053 notes and the 2063 notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.
Price History
(Daily prices for the last 3 months), if you wish to view more than 3 months price history you may export the file
DATE
BID PRICE
ASK PRICE
ASK YIELD (CALL)
ASK YIELD (MATURITY)
08 Jul 202695.92496.4936.1456.143
07 Jul 202696.08796.6526.1326.130
06 Jul 202696.76197.3356.0786.077
05 Jul 202697.24397.8586.0386.036
02 Jul 202697.20097.6776.0526.050
01 Jul 202696.99497.6136.0576.055
30 Jun 202697.20197.8176.0416.040
29 Jun 202698.33398.9435.9545.954
28 Jun 202698.05398.6625.9765.975
25 Jun 202698.25398.8245.9645.963
Total of 65 entries
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FSM Global strives to ensure the accuracy and relevance of the information provided here. If the information is not up-to-date or erroneous, we appreciate feedback to keep it accurate.
Credit Rating
CHANGE DATE
S&P Bond S&P Issuer Fitch Bond Fitch Issuer
31 Jan 2025 *** *** N.R -> BBBW.R -> BBB
Total of 1 entries
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Related Documents
pdfIcon
Pricing Supplement
$1,250,000,000 5.875% Senior Notes due 2053. Pricing Term Sheet Dated May 30, 2023.
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Prospectus
$1,250,000,000 5.875% Senior Notes due 2053. Prospectus Supplement is May 30, 2023 (To Prospectus Dated May 25, 2023).
Related Bonds
BOND NAME

ISSUER

MATURITY DATE / NEXT CALL DATE
ASK PRICE
ASK YTM / YTW
BOND CREDIT RATING (S&P/FITCH)
action
CVS 5.450% 15Sep2035 Corp (USD)

CVS Health Corp

14 Jun 2035
(Next Call Date)
100.984 5.309% p.a. ***/BBB
Total of 1 entries
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FSM's Fees
For more information, please refer to the Pricing Structure
For each Buy & Sell Order (Retail^, Wholesale, Bond Express)
Processing Fee
0.35% / Min. SGD 10*
Platform Fee
0.05% per quarter
Other Charges
Goods & Services Tax (GST)
9% (GST is applicable to Singaporean residents on FSM’s fee)
Order Processing Time
Buy Wholesale Bonds / SGS Bonds / Retail (All payment type)
Generally T+2 business days upon payment clearance
Sell Wholesale Bonds / SGS Bonds / Retail Bonds
Generally T+2 business days (Redemption proceeds will be credited on next day)
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Remark

  1. *Processing fee is subjected to a minimum of SGD 10 (or in its equivalent currency).
  2. ^ For the purchase of the Retail Bonds, FSM Global will be absorbing SGX related Charges, till further notice.
  3. T = Transaction Date
    The Order processing time refers to the order completion and reflected in your account.
    ^The Purchase date will be based on T date

Platform Charge
  1. For the purpose of benefiting from lower rates based on higher investment holding tiers, the effective platform fee rate is based on the total combined holdings of all FSM accounts under main account holder (including beneficiary accounts), while Stock / ETF / Cash Account holdings are excluded from the combined holdings amount.
  2. Platform fee is charged for funds / bonds investments (excluding CPF holdings). The fee is accrued daily, calculated based on the daily average market value of the total Assets Under Administration (AUA) and deducted on a quarterly basis.

Note
  1. All fees and commission quoted are exclusive of Goods and Services Tax (GST).
  2. Platform fee is charged for funds / bonds investments (excluding CPF holdings). The fee is accrued daily, calculated based on the daily average market value of the total Assets Under Administration (AUA) and deducted on a quarterly basis.

Potential Income Explained
Est. Payable Amount
USD 1,959.21
Years to Call
26 years 4+ months
Est. Total Income
USD 3,113.75
Yield to Call
5.877%
Indicative Cash Flow
Nominal Value
USD 2,000.00
  • 2052
    Nov
    Coupon
    USD 58.75
    Early Redemption
    USD 2,000.00
  • May
    Coupon
    USD 58.75
  • 2051
    Nov
    Coupon
    USD 58.75
  • May
    Coupon
    USD 58.75
  • 2050
    Nov
    Coupon
    USD 58.75
Disclaimer: Cash flow calculations are computed based on current coupon rate till next possible call or maturity date. Figures reflected are indicative and subjected to changes in case of any corporate actions.
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