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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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Concerns rise that the barrier to re-entry is too high for other storied issuers -
Only companies with their backs against the wall will accept paying so much more spread than peers with similar ratings
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Investors say they want to be conservative on maturities as banks line up long dated deals
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Book sizes shrink but borrowers still able to eliminate new issue concessions
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Troubled company drums up big response with high spread market return
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European market seeking clues on the Fed’s next rates decision
