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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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UK water companies rally as Cunliffe review promises seismic change -
◆ United Utilities lands flat to fair value with rare green bond ◆ Southern Water draws book size over £3.75bn at peak ◆ Optimism regained in the troubled sector
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◆ US telecom prints long seven and 12 year bonds ◆ Deal upsizes to €2bn ◆ Spreads on both legs tighten by 38bp
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◆ Final order peaks at 8.6 times subscribed ◆ Spread tightens by 38bp from initial thoughts ◆ Investors flush with cash chase limited supply
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◆ Demand drops by half during book building ◆ Final spread tightened by 45bp ◆ Deal lands through fair value
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◆ Order book lifts size to €600m ◆ Deal lands flat to fair value ◆ US credits enjoy brisk summer sales in Europe
