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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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◆ Telecom company brings rare sterling hybrid ◆ Demand for hybrid tranche exceeds three times ◆ Company prints euro benchmark on same day -
◆ Derwent brings smooth Friday trade ◆ Deal caps off €49bn-equivalent fortnight ◆ Volumes expected to collapse
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Less exuberance in bookbuilding and secondary widening follows primary market onslaught
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◆ Small benchmarks hit screens ◆ Demand solid but muted ◆ Market prepared for cooling off period after rampant few weeks
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◆ IG corporates pour into market ◆ Little sign of fatigue despite range of trades on offer ◆ EDP and Kering hit euros and RAC gets blowout response in sterling
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◆ Novo Nordisk brings €6bn trade days after CEO leaves ◆ Tranches priced with similar premiums ◆ No sign of investor fatigue for jumbo corporate trades
