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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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After soaring this month, May is expected to see new issue premiums return to next to nothing -
◆ Investors claw back some of the power in primary market ◆ Trade lands with high single digit concession ◆ Deal more than three times subscribed despite €1bn falling out of orderbook
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IG corporate investors have preferred bonds with higher ratings since tariff chaos began
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Borrowers achieve mixed results with new bonds as market struggles to offer solid ground
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Investors expected deals on Wednesday after Woolworths’ chunky demand
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◆ Australia’s biggest supermarket chain over six times subscribed ◆ Trade started marketing well wide of fair value ◆ Market still trying to find spread levels after chaos last week
