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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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Issuer brings multicurrency deal that found ample demand in the long end of the sterling curve
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Telecoms company prices through conventional curve as interest in SLBs picks up
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Demand for issuer's 25 year was more than double that for its 12 year tranche
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Issuers flatten curves amid sharp U-turn in sentiment in favour of duration
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Wild rush of trades was never going to last
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Concessions in the teens and big book showed investors were unworried about falling demand for expensive goods