Matt Brill, head of North America investment‑grade credit at Invesco, said
SpaceX’s $25bn debut bond traded “very messy” in the secondary market, calling
the deal “very disappointing” and a “red card.” The issue drew nearly $90bn of
orders at pricing but weakened sharply on the break, surprising traders. Brill
flagged possible underwriter mispricing or weak participation from long‑term
buyers such as pension and insurance funds. He warned IG credit spreads are at
multi‑year tights and that downside risk outweighs upside, and said Invesco is
reducing concentration in the technology sector. Market participants view the
volatility as evidence the gap between headline demand and real absorption
capacity is widening.
