Primary is back — but for how long?


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Primary is back — but for how long?

David Bell's avatar
Will Caiger-Smith's avatar
  1. David Bell
  2. +Will Caiger-Smith
4 min read

Let the good times roll: there’s a full slate of issuance this week, with plenty of new paper among the routine repricings and refinancings. Behind the scenes, the M&A pipeline is also picking up, meaning more potential supply down the line.

“Honestly, it feels like 2021 again,” said a tired-sounding capital markets banker earlier this week, having found the time to speak with 9fin in between meetings.

They were not wrong! According to JP Morgan research, the almost $10bn of high yield bond issuance this week is the busiest the market has been since November 2021. There are some big loan deals in syndication, too.

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