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◆ Final order peaks at 8.6 times subscribed ◆ Spread tightens by 38bp from initial thoughts ◆ Investors flush with cash chase limited supply
◆ Demand drops by half during book building ◆ Final spread tightened by 45bp ◆ Deal lands through fair value
The higher one climbs the investment banking ladder, the less science seems to be applied to recruitment. While trainees must suffer weeks of formal recruitment process, the biggest P&L drivers are more likely to be tapped up down the pub
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Lull in issuance imminent but searing hot market could entice more borrowers before party ends -
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Strong corporate demand bodes well for the rest of the credit market
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◆ Real estate company tightens hard on spread ◆ Deal lands well inside fair value… ◆ …but order book shrinks substantially as a result
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◆ US delivery firm prints seven and 12 year bonds ◆ Equal spread tightening on both tranches ◆ Investors flush with cash jostle for scarce issuance
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◆ Debut issuer draws solid demand ◆ Orderbook almost touches £1bn at peak ◆ Investors see triple B corporate sterling as enticing prospect
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