Sub debt pipeline unlikely to disgorge as sentiment sours
![The US Navy Los Angeles-class nuclear attack submarine USS Annapolis after breaking through three feet of ice while participating in Ice Exercise March 21, 2009 in the Arctic Ocean.](https://assets.euromoneydigital.com/dims4/default/c7cce55/2147483647/strip/true/crop/5150x3421+0+0/resize/840x558!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fed%2F1a%2F5c36456e4dcebfbcfc8f1860ab90%2Fd7e2kb.jpg)
Recent subordinated deals spotted up to 35bp wider in secondaries, pouring cold water on the prospect of further supply
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