Darmstadt, Germany-based Merck KGaA issued bonds totaling €1.5 billion to fund debt payments due March.

The bonds were issued in two tranches of €750 million each with an annual interest of 0.125% and 0.5% and term periods of 5.5 years and 8.5 years, respectively.

Merck said the bonds were heavily oversubscribed among a range of institutional investors, including fund managers, insurance companies, pension funds and banks.

Banco Bilbao Vizcaya Argentaria, DZ Bank, Landesbank Baden-Württemberg, Mizuho Bank and Skandinaviska Enskilda Banken were the book-runners for the bonds.