IG corporate books bulge but fatigue worries rise

Fresenius, from corp website
By Mike Turner
19 May 2020

The high grade corporate bond market saw chunky books on Tuesday, but there are concerns from some corners of the market that primary issuance is showing “serious signs of fatigue”.

Germany’s Fresenius Medical Care, a kidney dialysis company, and US telecoms company AT&T were in the market.

Both borrowers moved their deals in by 10s of basis points from initial price thoughts (IPTs), suggesting ample demand, with Fresenius seeing its trade more than five times covered.

This is despite some ...

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