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The US tech giant kickstarted what could be a deluge of debt issuance from the largest US tech firms
◆ Junior note lands tight to Class As ◆ No concession needed ◆ Lack of sterling supply allows for tight pricing
◆ Peak book the largest for an IG corporate in sterling since early November ◆ Issuer takes size at a tight spread ◆ Wide range of fair values spotted
◆ Spanish entity hits market with tight, opportunistic trade ◆ Some attrition as deal priced through inflection point ◆ Trade lands through fair value
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Home advantage sees total issuance for May exceed Sfr3bn
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Small deal sizes but ambitious maturities tipped as route to success
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Another €34bn needed to reach recent average for month, and next week is only one without holidays or central banks
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As spreads grind tighter on the latest negative event, it is time to bet that they have further to go
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With most companies reported, corporate spreads continue to defy gravity
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Mercedes, Michelin and Aéroports de Paris draw in billions of demand