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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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China’s Tewoo Group is gearing up for its first foray into the debt market, mandating three banks to arrange a series of investor meetings that started on October 22. -
Hebei Iron and Steel was forced to price its debut offshore bond more than 20bp wider than its closest comparables on October 20, despite the fact the bond was supported by a standby letter of credit from one of the joint global co-ordinators, Agricultural Bank of China. While SBLCs have reduced pricing in the past, it failed to help this time around as choppy markets proved to be too much.
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Korea Hydro & Nuclear Power (KHNP) is out with guidance for its second dollar bond of the year. It priced a three year floating rate note in May.
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Hebei opens books for offshore debut China’s second largest steel maker, Hebei Iron & Steel Group, is looking to tap the offshore debt market for the first time, opening books to a credit enhanced dollar bond on October 20.
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A securities lending market in green bonds will remain all but non-existent until volumes grow to a much larger size — but even then, borrowing bonds could remain off the table for several reasons.
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Chinese clean energy firm ENN Energy Holdings managed to tap the offshore market for $400m on October 15, even though volatile markets meant joint global co-ordinators HSBC and UBS were only able to gather a modest order book.
