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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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Port operator Pelabuhan Indonesia III (Pelindo III) had a debt capital markets debut to remember on September 24, with a blowout $500m 4.875% 10 year transaction that was close to 16 times subscribed. -
China’s Datang Telecom Technology sold its inaugural international bond on Monday September 22. Although forces of nature delayed the launch of the unrated three year offshore renminbi issue, the deal ultimately drew a very warm response from investors.
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Zhejiang Provincial Energy (ZPE) sold the first dollar bond from a provincial level Chinese state owned enterprise on Tuesday. Buoyed by ZPE’s credit strength and Zhejiang province’s strong fiscal position, the three year issue was a hit among investors and sets a solid foundation for the emergence of similar credits in the dollar market, writes Isabella Zhong.
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Japanese brewer Suntory Holdings left a solid footprint in the dollar market with its inaugural issue on Wednesday. With books for the RegS/144A $1bn dual tranche issue already covered during Asia trading hours, dealers proceeded to push final pricing 20bp tighter than where investor feedback came in.
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China Longyuan Power Group raised $500m with a three year paper that was issued by subsidiary Hero Asia Investment on Wednesday. Earlier this month the state owned borrower received approval to start preliminary work on two large wind farm projects in China’s Guangxi province.
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China’s Geely Automotive Holdings opened books for its inaugural international issue on Wednesday. The car maker is offering a Reg S/144A five year non call three dollar bond.
