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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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Danish telecoms firm TDC has announced it is planning its first bond issue since KKR sold its remaining stock in the company in September last year. Nordic banks could pick up the mandates. -
Shanghai Electric priced its maiden bond on August 7, raising $500m with a five year offering. A high proportion of the book went to European investors, who saw better value in the underlying credit than Asian investors, who deemed it to be expensive for a regional name, according to bankers.
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Korea-listed automobile distributor Kolao Holdings became only the third borrower to make use of the Asian Development Bank’s Credit Guarantee and Investment Facility (CGIF) on Thursday. The Singapore dollar denominated issue was also the company’s first deal in international markets.
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Investment grade corporate bonds were the only asset class ECM Asset Management gave an increased allocation in its most recent update to its model portfolio, reflecting resilience in the face of geopolitical instability and reduced growth forecasts for eurozone countries.
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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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Investment grade corporate bonds were the only asset class given an increased allocation by ECM Asset Management in its most recent update to its model portfolio, reflecting the resilience of the securities in the face of geopolitical instability in Ukraine and the Middle East and reduced growth forecasts for eurozone countries.
