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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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Nestlé, the Swiss foods group, on Wednesday seized the opportunity of a stable and empty market to issue a €500m seven year bond, paying a tiny new issue premium and achieving what one banker said was a record low yield. -
Aircraft leasing company BOC Aviation is in the market with a new four year dim sum, following hot on the heels of an offshore renminbi bond from Hong Kong Airlines.
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Klépierre, the French real estate investment trust that specialises in shopping centres, issued a €500m 10 year bond on Tuesday and launched a tender offer for two other issues, to extend the maturity of its debt.
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Unrated Tewoo Group managed to make its debut in the bond market on October 27 thanks in large part to a standby letter of credit (SBLC) provided by one of the joint global co-ordinators on the trade.
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Korea Expressway pulled its dollar bond before the US open on Monday night after the issuer realised it was not going to achieve its target price. Bankers are frustrated and say that a decent trade could have been done at a higher yield, but the issuer was not willing to pay up.
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Hong Kong giant Hutchison Whampoa is tapping the offshore market only for the first time this year and is looking to issue in both US dollars as well as euro via two separate deals.
