Ebb & Flow

Novartis (NYSE:NVS; SWX:NOVN) caused some stir last week when it unveiled plans for a $5 billion bond issue that the company said will be used "for general corporate purposes outside of Switzerland."

With Pfizer (NYSE:PFE) needing to raise debt to acquire Wyeth (NYSE:WYE), and Roche (SWX:ROG) likely to need to do likewise in its bid for Genentech (NYSE:DNA), the move by Novartis got the rumor mill turning. However, the sum being raised suggests that any acquisition would be more modest than those being pursued elsewhere...