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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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Citycon, the Finnish retail property owner and developer, priced a €350m 10 year bond on Monday. It had planned to issue €300m but the issue was oversubscribed and the company was able to increase and still price at the tight end of guidance. -
Merck KGaA, the pharmaceuticals company based in Darmstadt, has obtained bridge financing for its $17bn (€13bn) acquisition of Sigma-Aldrich. The final funding structure comprises cash and debt only: around €2bn of cash on Merck’s balance sheet, €4bn of bank loans and €7bn of bonds.
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French chemicals company Arkema has proposed a €1.74bn acquisition of adhesives maker Bostik from Total. The company has agreed a €1.5bn bridge facility and its longer term financing plans comprise a rights issue, hybrid capital and senior bonds.
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Japan’s Suntory Holdings has mandated six banks for what would be the company’s inaugural dollar deal. The brewer and distiller is looking to make a dual tranche dollar issue.
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China’s Datang Telecom Technology & Industry has brought to market its debut international bond in the shape of a three year dim sum. Books were seen at Rmb2bn ($325m) on Monday afternoon.
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Huatai Securities is readying itself to tap the market with a credit enhanced bond having hired five banks to arrange a series of investor meetings that is poised to start on September 22.
