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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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Olam International embarked on the next stage of its capital markets rehabilitation this week with a new dollar bond. The Singapore-based borrower was intent on repricing its existing curve, and duly presented the market with aggressive initial guidance. That approach drew some criticism, but bankers on the deal said the borrower achieved what it had set out to do, writes Virginia Furness. -
High yield transactions made up 25% of the volume of euro-denominated corporate bond transactions priced so far this year, compared to 20% during the same period last year, according to Dealogic data.
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Anglo-Dutch publisher Reed Elsevier issued its latest five year bond in sterling last Friday, taking advantage of limited supply to meet some of its funding needs in the currency.
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Olam International made its return to the dollar bond market just two weeks after pricing a S$400m ($322m) well inside its existing curve. The borrower was hoping for an equally strong come back in dollars but while bankers on the deal claim it was a great success, those away from the trade say it struggled as pricing was too aggressive.
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Olam International has returned to the bond market just two weeks after pricing a S$400m ($322m) well inside its exiting curve. That deal was a strong comeback for the issuer after negative reports from a research firm resulted in a wide spread sell off of its existing bonds. However its dollar bond will been seen a greater test of investor sentiment towards the issuer.
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Sichuan Development Holding, which is wholly owned by the Sichuan government, priced a groundbreaking debut three year offshore renminbi bond on Thursday, July 24. Backed by multiple credit enhancements, the bond is the first CNH issue from a Chinese local state owned enterprise (SOE) to be sold without a quota from China’s National Development and Reform Commission (NDRC).
