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New record low spread gap between senior and hybrid bonds
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
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Concessions in the teens and big book showed investors were unworried about falling demand for expensive goods -
Stability is more important than dazzling book sizes, say bankers, as issuance ploughs on
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Two hybrid trades this week have got away with zero concessions
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Priced tranches hit double digits as issuers pile in
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Jumbo M&A related financing is one of the biggest trades of 2023
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Mandates line up with BBB- rated issuers pouring into market
