The market waited all week for the Deutsche Telekom deal that never came. On the heels of disappointing earnings and a Moody's outlook change, DT decided to put off pricing its jumbo global transaction after an extensive roadshow and several other delays along the way. In theory, the outlook change at pricing is better than the typical rating agency downgrade a week or two after a new deal, but is it too much to ask that the agencies act in advance of a major transaction? Apparently so. Just short of $12 billion in investment grade supply hit the market for the week. Of that, $3 billion was a short global from the European Investment Bank and $2 billion from JPMorgan Chase. The high yield market has also been very active with $2.1 billion in single B paper priced.
For additional information, please visit www.CreditSights.com or call 212-340-3888 to speak to a CreditSights representative.