High yield issuance is the most expensive to rate (most revenue to Moody’s & S&P Global), so this is especially good news. 2H guidance is too low!
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Replying to @phoenixvalue
This pattern will be with us for as long as the Fed is pumping bond markets. SPGI and MCO can’t assume this kind of issuance will continue into 2021, but it most likely will and guidance will continue to be light. My 2c.
8:48 AM - 15 Aug 2020
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