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It’s fair to say that Sarah-Jane Chilver-Stainer is a high achiever. When she spoke to Treasury & Risk earlier this month, she had just completed a record-breaking dollar bond issue for GlaxoSmithKline, the London-based pharmaceutical and healthcare company. The $5 billion issue, which attracted $15 billion in demand, included three-, five- and 10-year notes with coupons of 0.75%, 1.5% and 2.85%, respectively—the lowest coupons ever achieved on U.S. dollar bonds sold by a UK company.

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