(Bloomberg) -- Europe’s primary market is set to get a boost on Wednesday as Carlsberg Breweries A/S and Johnson & Johnson inject the first major buyout debt of the year.

Danish brewer Carlsberg is seeking at least €2.3 billion ($2.4 billion) equivalent across euros and sterling to refinance bank bridge facility agreements from a purchase of Britvic Plc completed last month, according to a person familiar with the matter who asked not to be identified.

Johnson & Johnson is looking to raise up to €4 billion in a five-part deal for the acquisition of Intra-Cellular Therapies Inc., according to a separate person familiar. The drug and medical-devices maker tapped the US market on Tuesday for $5 billion.

The deals come amid a slow start to the year for M&A activity despite expectations from bankers that a revival in the space would boost new debt sales. The last major buyout financing to hit the European bond market was a €5 billion funding deal raised by DSV A/S in October for the acquisition of DB Schenker.

Global deal values were down around 17% year-on-year to around $325 billion through the end of last week, Bloomberg-compiled data show. Market participants have attributed the slowdown to valuation mismatches and wariness around US President Donald Trump’s plans to implement trade tariffs.

M&A Is Running Late to Its Own Party: Bloomberg Deals

Strong demand from bond investors is pushing down spreads, meaning companies can raise funds with little to no issuance premium. Carlsberg had already attracted more than €6.5 billion equivalent of “Indications of Interest” from investors before it opened its books this morning, the person familiar said.

Meanwhile, AAA-rated Johnson & Johnson is selling debt across 4, 8, 12 and 20-year tranches. It’s also offering a 30-year bond, the first to be sold in euros from any company since May. The firm’s dollar deal on Tuesday priced with 10-12 basis points of new issue concession, according to Bloomberg calculations.

Both deals are expected to price later today.