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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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Investors prefer shorter tranches in about-turn of recent trend
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Corporates pump out another day of deals to the envy of other markets
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No-grow tag added to modest size in latest bond to finance €8bn Vodafone Italia purchase
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Many in market say Europe has moved past poll worries, but issuer actions suggest otherwise
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Final burst of issuance struck this week before expected dearth begins
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Secondary holding up after unexpectedly busy week