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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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The iTraxx Europe credit default swap index tightened again this week, returning to the 60bp mark after widening to 74bp as a result of geopolitical tensions earlier in August. With 10 year euro rates also falling, investment grade borrowers might be better able to print long dated deals when market activity picks up in September. -
Hybrid capital issuance by western European investment grade corporate borrowers has grown in the past two years, with volumes so far this year reaching $28.8bn, 29% more than at the same time in 2013. The business has brought banks $199m in revenue, according to Dealogic, making it an ever more important source of income for dealers.
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With the Scottish independence referendum less than a month away, another project in the country has announced it will enjoy funding advantages as a result of the UK’s £40bn government guarantee scheme. But if Scotland chooses independence from the rest of the UK, market participants appear to be unconcerned about the risks of that guarantee not being honoured.
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The iTraxx Europe index, a key indicator of market perceptions of the creditworthiness of investment grade bonds, returned to the 60 mark on Wednesday after widening to 74 on Monday. Along with a fall in the 10 year euro interest rate swap rate, that could leave investment grade borrowers better able to print longer dated deals when market activity picks up in the autumn.
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Malaysia Airport Holdings (MAHB) is considering bringing out what could be the first ever ringgit denominated perpetual sukuk to carry a credit rating. The proposed issue will be from a MR2.5bn ($792m) sukuk programme the borrower established in August 2013.
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Uni-President China Holdings, a big supplier of juice drinks and instant noodles in China, priced its second Formosa bond late on Tuesday, fixing the yield on the Rmb500m ($82m) three year tranche at 3.5% and on the Rmb500m five year at 3.9%.
