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High yields and tight senior/sub spread fuel enthusiasm for issuance among investors and issuers
◆ Pair help market to end week on a high note ◆ GSK offers pick-up over peer AstraZeneca ◆ Glencore finds demand at eight years
◆ French borrower takes €1.15bn across two tranches ◆ Balance struck between size and price to keep investors onside ◆ Small concession offered
Data
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A deluge of supply is expected once earnings blackout ends
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Fahy will also lead asset-based finance origination
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Direct lending default rates tick higher amid notable distressed situations
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◆ Attractive yields allow for tight spreads in sterling ◆ Manchester Airport flies in with £300m long 10 year ◆ Further sterling supply could follow
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◆ Autos keep piling into the short end ◆ Issuer skips guidance on huge demand ◆ Deal lands through fair value
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◆ Deal smashes through previous record ◆ Longer tenor helps compress the spread ◆ Strong demand buoys hybrid market
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