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There is no shortage of demand for US credit as deals for the likes of Chobani and PointClickCare flew off the shelves this week to support sponsor dividends, while banks are pushing M&A financing through the market to support deals for Rise Baking and Cohesity, among others.

Strong order books and increasing M&A supply have been the story of the primary market since the Fed started its rate cutting path, as we highlighted in our US LevFin Primary Review for Q3 earlier this week. But there’s still not enough paper to satisfy demand as investors are upbeat on the economic outlook, leading credit spreads to some of their tightest levels in almost 20 years — the spread on the ICE BofA HY index is now just 289bps, tightest since mid-2007.