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AT&T’s 19 year bond found buyers this week, but rate uncertainty and a flatter euro curve have dampened investor demand for duration
August forecast to be a strong month for corporate dollar supply
Stable backdrop, steady rates and strong demand give issuers reasons to move before the post-summer rush, bankers said
◆ Telco takes size in euros and duration in sterling ◆ Elevated premiums paid at the long end ◆ Sterling tranche AT&T's first since 2018
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Aluminum Corporation of China (Chalco) is set to go on the road for its second international bond of the year with a series of investor meetings next week. But unlike its earlier deal, Chalco will be backing on a standby letter of credit (SBLC) to spur demand. -
LVMH Moët Hennessy Louis Vuitton took advantage of strong demand for its name among private bank buyers to make a rare corporate debut in Australian dollars at the end of last week.
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Issuance in the European investment grade corporate bond market has skyrocketed in November, and the attractive spreads on offer are luring in not just European companies but issuers from around the world. Richard Metcalf reports.
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Telefónica, the Spanish broadband and mobile phone company, issued an €850m hybrid bond on Thursday. The perpetual non-call five year deal was priced just 3bp outside the issuer’s curve, according to one banker, a good omen for hybrids being roadshowed by Volvo and Santos.
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UK department store chain John Lewis issued a £300m 20 year bond comfortably on Thursday, getting double the volume of orders needed, despite not having a rating.
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Eandis, which operates gas and electricity grids in the Flanders region of Belgium, has issued a €400m 12 year bond to fund in part the acquisition of Electrabel’s 21% share in itself.
