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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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First euro trade of the month sees 2.5 times demand
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Supply chains under renewed pressure as Europe teeters on edge of recession
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The riskiest of investment grade issuers find themselves the belles of the ball
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Issuance not expected to return until the final week of August
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Turbine customers see little debt market blowback despite potential for major operational disruption
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Riskier asset classes like high yield lose out as investors favour safer options