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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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By plunging the US into a recession, Trump might get his rate cut wish
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Rates investors show they’re still keen, sparking hopes credit buyers are too
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As markets gap wider, the ability to get a deal done at all is commendable
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Hopes that months of cash inflows would mitigate tariff carnage have been dashed
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Swiss market resilient, but Trump test is set to be a roadblock
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FIG and EM cover ratios fall while other markets rise