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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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◆ Price sensitivity returns as deal premium shrinks ◆ Final book dropped by more than half ◆ Deal did not go as well as TfL's sterling trade, say bankers -
◆ Oversubscription lets leads skip guidance ◆ New issue premium in low single digits ◆ Solid bid despite CEO uncertainty
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◆ Some investors pass over ESG but other factors prove a lure ◆ Orderbook more than three times deal size at peak ◆ Attrition as spread tightened
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Strong captive green demand keeps euro benchmark books sticky
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◆ Issuer returns after decade absence ◆ 'It’s a very different organisation now,' says person involved in deal ◆ Rare level of demand for sterling bonds
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◆ Staggering demand for Dutch utility ◆ Pricing tightened 80bp from initial thoughts ◆ Volkswagen steers €2bn multi-tranche green deal
