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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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Wienerberger, the world’s largest brick maker, has replaced two lines of credit with a €400m five year revolver. -
When Wheatley Group, a Scottish association of social housing providers, sold £250m of 30 year bonds on Thursday, the big question for investors was how to price in the possibility of a ‘Yes’ vote in a possible second Scottish independence referendum.
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Israel Chemicals pulled in a $4.3bn book for its debut bond on Thursday, proving that quality still sells in a market where several deals have been pulled this week, including by KazStroyService on Monday and South Africa’s FirstRand Bank on Thursday.
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Protelindo Finance scored a number of firsts with Credit Guarantee and Investment Facility (CGIF)- backed bond. As well as being the first Singapore dollar trade under the scheme it is also the only ten year as well as marking the borrower’s maiden outing in the international capital markets.
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Fluxys Belgium, the gas transmission system operator, priced a €250m 15 year bond on Thursday, but demand for longer dated unrated paper was so strong that the company decided to add a €100m 20 year tranche in response to reverse enquiry.
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Alibaba amassed a whopping $55bn of orders from investors for its landmark $8bn deal which ranks as the biggest G3 bond from an Asian ex Japan issuer. But some investors opted to stay on the sidelines after pricing was tightened up to 27bp across the six tranches.
