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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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Property duo Sino-Ocean Land and Sunshine 100 are meeting investors next week in connection with a possible dollar offerings. -
A recent first for the Formosa market — the dual Taiwan and Singapore listing of renminbi-denominated bonds from a Taiwanese corporate issuer — may be unlikely to drive a flurry of similar issuance. While some in the market express hope that more issuers will now follow suit, others are much less optimistic, arguing that such a small deal can never set a trend.
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China Unicom, which was the first Chinese borrower from the telco sector to access the dim sum market, has returned to the offshore RMB market. The borrower priced a two year offering on July 17.
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CCB Asia priced a $200m tap of its 3.25% 2019s on Wednesday. The borrower landed the tightest spread for a five year dollar issue by a Chinese bank this year as appetite for China brought in an eight times subscribed order book.
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Taiwan’s Advanced Semiconductor Engineering (ASE) trod new ground in Asia's capital markets this week by launching what is being marketed as the region’s first corporate green bond. The asset class is yet to take off in Asia like it has in Europe, but the benefits of investor diversification, pricing and publicity offered by green bonds could see more Asian borrowers exploring the option, writes Isabella Zhong.
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Olam International appeared to have shaken off any remaining investor doubts on July 16 when it priced a new Singapore dollar bond at 45bp through its existing curve. The deal marks the issuer’s first return to the bond market since an analyst report in 2012 caused a huge sell-off of its bonds and equity.
