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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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Bankers marvelled last week at just how eager European investors were to buy very highly rated corporate paper - as evidenced by a rarely intense period of issuance by double-A rated firms. Another high grade deal came on November 7 to reinforce those feelings: Bayer launched a €500m bond and got a €4bn book. -
Koninklijke KPN, the Dutch telecoms company, has bought back €1.8bn of bonds in a successful tender offer, to cut gross debt after its sale of E-Plus, its German mobile phone business.
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DNA, the unrated, privately owned Finnish telecoms company, issued its second bond on Wednesday, a €150m 6.3 year deal, after an extensive European roadshow.
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Dutch paint and chemicals company AkzoNobel beat the rush to the euro market, which has been busy this week, by bringing a rare €500m 10 year bond last Friday.
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Ford Credit Europe Bank, the American car maker’s UK-based European financing vehicle, came to the sterling unsecured bond market for the second time this year to issue a £400m five year on Thursday.
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A debut deal for Shandong Shipping Corporation (SDSC) on November 5 proved it is possible to get credit enhanced bonds away in spite of the poor reception some have received over the past few months.
