Investors were taking a critical look at CVS Corp.'s $75 million lease-backed offering last week, trying desperately to uncover value, said sources. The deal, agented by JP Morgan, is currently experiencing a considerable price widening that reflects the skeptical outlook from the buy-side.

The notes, which carry a 22-year maturity, were originally finding price talk at 190 basis points over Treasurys but took a drastic increase finding talk last week at a range of 220 to 240 basis points over Treasurys. Moody's rates CVS a triple-A quality credit.

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