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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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Convertible bond issuance by western European investment grade corporate borrowers has grown in the last two years, with volumes so far this year reaching $28.8bn, 29% more than at the same time in 2013. This 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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Both Ascendas India Trust and Nam Cheong opened five year Singapore dollar bonds on August 19. While Asia’s bond markets have been largely quiet over the August summer lull, there have been a number of Singapore dollar issuances in the last two weeks. -
Taiwan instant noodles and snacks maker Uni-President China Holdings will price its second Formosa bond on Tuesday. The Rmb1bn ($163m) deal has three and five year tranches with respective guidance of 3.4%-3.6% and 3.7%-3.9%, according to bankers on the deal.
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China Metallurgical Group Corporation (MCC) is set to tap the debt market for the second time in two months by banking on a strategy that worked out well for it the last time — having a standby letter of credit (SBLC) from one of the bookrunners.
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Germany’s worse-than-expected GDP figures were bad news but investment grade bond yields remained flat, or by some accounts even tightened, on the release of the data on Thursday morning.
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US corporate issuance slowed through the week as books thinned and issuers offered concessions in order to get deals done before the summer holiday season.
