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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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Centrally controlled state-owned enterprises from China have been a regular feature of G3 bond markets, but they are now facing competition from their provincial counterparts. But a question remains over whether provincial entities are willing to adopt the structural innovation of their bigger peers, writes Narae Kim. -
Grenke, the German IT leasing company, issued a 4.5 year bond on Wednesday. An order book of €300m allowed it to grow from an expected €100m to €125m.
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Investors showed they were keen to get exposure to the India story, with orders flooding in for NTPC’s 10 year outing on November 19. US investors in particular, made up a good chunk of the book for the Reg S bond from India’s largest power generation company, which offered some much needed diversity away from China.
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IBM launched an opportunistic euro bond issue on Wednesday, taking advantage of strong market conditions to sell €1bn of 8.5 year bonds with a minimal new issue premium - and according to one banker, much tighter than its dollar curve.
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AstraZeneca, the Anglo-Swedish pharmaceutical company, priced a €750m seven year bond on Wednesday. It was four times oversubscribed and priced somewhere near the middle of the broad range suggested by the bonds of its peers.
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China National Petroleum Corp (CNPC) may be a regular in the debt market, but it managed to reposition itself through its latest $1.5bn trade thanks to a first time guarantee from the parent. Such was the response from investors that it added a floating rate note during bookbuilding.
