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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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Despite bankers' promises of a busy September, CEEMEA international bond issuance for this month totals $7.3bn via 11 deals after only three bonds were printed from the region this week. The pipeline for the month looks unlikely to match the $20bn via 23 deals printed last September. -
A burst of M&A announcements early this week from Danish national phone carrier TDC, auto parts maker ZF Friedrichshafen in Germany and French telecoms firm Orange lifted the mood in the western European loans market. But Orange's financing plans, which include hybrid bonds, show that deals may not always lead to loan mandates.
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Korea Western Power (Kowepo) made a solid return to the dollar market on Monday, pricing a five year bond that was nearly four times subscribed. Despite a soft start to the week, the quality of the credit and the strategy of capping the deal size at $300m proved a draw for investors.
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Hong Kong insurer FWD issued its debut international bond on Wednesday, September 17. Offering a Reg S 10 year dollar deal capped at $325m, the borrower received an enthusiastic response and was able to price the paper without a new issue concession.
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French telecommunications company Orange has joined the growing roster of blue chip companies involved in substantial mergers and acquisitions. But the company's financing plans, which include hybrid bonds, show that such deals may not always lead to loan mandates.
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China’s Datang Telecom Technology & Industry is meeting investors for what could be the borrower’s debut international bond. The state owned company is looking to make a Reg S issue in the dim sum market.
