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 downs

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.