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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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Spanish travel systems company Amadeus IT Holding priced a €400m three year bond on Tuesday. Demand was strong, with the no-grow transaction nearly six times oversubscribed. -
GlaxoSmithKline has returned to the euro bond market after a five year absence with a big double tranche transaction. The UK pharmaceuticals company priced €1.5bn of five year and €1bn of 10 year bonds on Tuesday.
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Chemical manufacturer Shanghai Huayi Group sold its inaugural offshore bond on November 24, raising $350m in the process and adding to a growing list of provincial government-owned entities that is tapping the international debt market for funding.
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Korea East-West Power Co (EWP) provided a strong end to what has been a mixed year for Korean credits, selling a $500m 5.5 year bond on November 24. Investors thronged to the quasi-sovereign, which benefits from favourable government policies, at one point helping the order book reach eight times subscribed.
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In the four years since it was set up, the Asian Development Bank’s Credit Guarantee & Investment Facility (CGIF) has only brought four issuers to sell bonds. While some may view this level of activity as a failure, if you look beyond the numbers it’s clear CGIF wants to make a long term impact rather than a short term buzz.
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Chinese real estate developer Logan Property Holdings launched a two-day roadshow on Tuesday as prepares its maiden dim sum bond six months after selling its inaugural international issue.
