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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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Investment grade corporates keep piling into euros
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Covivio and Realty Income Corp put out impressive trades
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Places for People also readies trade as sterling finds pulse
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Euro primary continues pumping out trades with JDE Peet's and Covivio lining up
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It has been an unstoppable rally so far, but the expectations of a failed deal are rising
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Corporate credit spreads are more at the whim of unknown forces than they have been in a decade, and it shows