GlaxoSmithKline, the pharmaceutical group, was poised to raise a record $9bn (£4.6bn) from new corporate bonds on Tuesday night as part of plans to raise its gearing to finance an ambitious share buy-back programme.

Demand from investors for non-financial corporate bond issues is high following the credit crunch, and the original $6bn issue was substantially oversubscribed. GSK added $2bn to its five, 10 and 30-year bonds and a further $1bn in floating rate two-year notes.