Issues

◆ Both deals almost four times covered ◆ Pair tightened by 7bp ◆ Next to no premium paid for either bond

◆ Roaring rated debut for Ipsen ◆ Final orderbook 10 times deal size ◆ Spread lands well inside higher rated comparable names

◆ Investors hungry for first 10 year deal since early February ◆ 'High quality' book allows for strong price revision ◆ Slim premium paid

◆ Borrower lands inside fair value for second year in row ◆ Orderbook ends near peak despite heavy tightening ◆ Investors say there is 'too much liquidity'

Both lenders drew solid demand

◆ Subscription ratio and spread move in line with recent deals ◆ Low single digit concession needed ◆ Small premium paid over sterling

◆ Rare 15 year trade part of multi-tranche deal ◆ Sluggish start to the day ends with €7bn final book ◆ Single digit new issue concession across all tranches

Everyone knows investment bankers’ jobs can be cut at a moment’s notice. It’s one thing when you’re experienced and have made some money. But junior bankers are just as vulnerable, and have fewer options. It’s a big problem this year

◆ Sandoz garners chunky demand for 10 year trade ◆ Trend continues for issuers to set deal parameters quickly ◆ Single digit new issue concession

◆ DOGE threatens US CMBS recovery ◆ Drill, baby, drill? Borrow, habibi, borrow ◆ Cracks appear in European credit market

Froth evaporates in unsecured FIG as corporates still fly

Tightening Japanese monetary conditions could shock markets worldwide