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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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◆ Logistics company's deal more than nine times subscribed ◆ Extra spread over ratings peers draws huge crowd ◆ VGP lands solid, but less spectacular, trade -
◆ Curves steepen in euros ◆ Issuers pull triggers as holiday-strewn calendar looms ◆ Single digit new issue concessions for most
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◆ Borrowers take £500m from undersupplied market ◆ Despite lower spread Northern Powergrid's longer maturity trade more popular ◆ Sterling volumes down around 10% from March 2024
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European companies happy to pay up for size
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Investors are ready to pile into trades offering certain parameters, with triple-B, shorter-dated bonds in vogue
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Even at top end of range, volumes will still be far below March 2024
