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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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Demand for ADR swells to more than four times oversubscribed
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Holding company bonds battered: so far, secured bonds are only scratched
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Borrower has no plans to get a rating or issue another bond this year
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◆ New name complements euro funding with inaugural Swissie sale ◆ Currency debut lands flat to euros despite wider spread ◆ 100bp needed to seal size
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Debut green issuers gain little traction as Thames Water makes for slippery market
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Wednesday’s deals feel the strain as investors warn of pain to come