Taking a hike

Bankers don't think the interest rate hike expected next month in the U.S. will have a chilling effect on debt-financed M&A. They say the expected quarter-point increase is unlikely to alter the calculus on any given deal, and most of the large cap companies already have closed large debt financings in 2015.

This year, 74 biotechs have raised $52.5 billion in debt, making 2015 the biggest in the industry's history. The runner-up is $36.4 billion raised by 75 companies in 2011. Last year, 102 companies raised $21.3 billion in debt and 2013 saw 90 companies raise $14.2 billion...