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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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Swiss market only suitable for high grade names until post-rise stability is found
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Some borrowers waiting for tighter spreads before diving into the long end
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Rising swap rates open opportunities for arbitrage at attractive yields
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With the five year Swiss franc swap rate rising this year by 43bp to 23bp, top quality borrowers can now offer higher yields at shorter tenors, helping to propel demand
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Investors pile into what was the borrower's biggest order book to date
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Ukraine fears and volatility uncertainty drove the insurer to print this week