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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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Central banks play nice but a reckoning is coming for corporate spreads
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Public Storage pays just a handful of basis points, while Amex coughs up more
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Clear but non-traditional window opens after central banks stick to plan
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The first batch of European corporate earnings have shown multi-year weaknesses
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Tightly trading bonds look ripe to gap wider as conditions expected to deteriorate
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Investors forced to accept deals priced close to secondary curve as supply dwindles