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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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NTPC launched bookbuilding for a ten year dollar bond on November 19 in its first outing for more than two years. The power company is hoping to capitalise on its status an Indian quasi-sovereign in a market that a market that is overrun by supply from China. -
Mercialys, the French property company spun off from supermarkets group Casino, priced a €550m 8.3 year bond on Tuesday, in conjunction with a buyback offer for its €650m 2019 bond, to extend its debt maturity profile.
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United Internet will complete its Schuldschein deal on Friday, raising at least €500m, according to a banker on the deal.
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China Development Bank’s financing arm CDB Leasing is set to kick off a series of meetings with investors starting this week in Asia and Europe for a senior unsecured dollar bond issue.
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China National Petroleum Corp is back in the market, launching a deal on the same day and sticking its formula of launching a multi-tranche trade in dollars but unlike previous trades that have used a keepwell agreement, the new bond will have a guarantee from the parent which has led to an upgrade from the ratings agencies.
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British Sky Broadcasting, the UK pay TV company, priced €850m and £750m of listed bonds on Monday over three maturities to fund its acquisition of Sky Deutschland. The deal was no blowout — one tranche was priced at the level of initial price thoughts, the others only 5bp tighter — but with an additional €400m from a private placement on the same day, Sky says it has now completed the financing for its acquisitions.
