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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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◆ Deal eight times subscribed ◆ Spread cut to mid swaps plus 120bp ◆ Investors flush with cash amid scant supply
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◆ Deal slotted into a quiet calendar ◆ Liquidity abundant after Terna’s blockbuster EuGB ◆ Fair value seen at mid-swaps plus 117bp
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◆ Yorkshire Water markets two bonds at identical IPTs ◆ Tranches neck-and-neck through guidance ◆ Longer maturity ultimately tightened farthest
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◆ Terna becomes latest Italian company to print EuGB ◆ Deal lands inside fair value ◆ Rampant liquidity left disappointed by dwindling supply
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Long time staffers handed expanded remit
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Yorkshire Water casts lonely figure in rapidly thinning issuance market