◆ New deals land close to, if not at, fair value ◆ Book attrition visible amid competing corporate supply ◆ Seemingly no rivalry between senior FIG deals
◆ IG corporates pour into market ◆ Little sign of fatigue despite range of trades on offer ◆ EDP and Kering hit euros and RAC gets blowout response in sterling
◆ Third benchmark trade from Luxembourg-based supra this year ◆ Govvie yields higher after US downgrade but issuer undeterred ◆ Execution was quick and typical
Addison Gong,May 19, 2025
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