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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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Lai Sun Garment (International) is hitting the road this week for its inaugural offshore renminbi bond. The Hong Kong company is looking to venture into a market that has already generated a record volume of deals. -
China Gold International Resources Corp pulled in a $7bn order book for its inaugural international bond on Thursday, just before a shock from Portugal sent markets around the world into a state of disarray. Although dealers had tightened pricing by 35bp as investors took to the rare state owned credit, the notes nonetheless rallied in secondary trading the following day, tightening by 17bp.
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Jinchuan Group priced its debut international bond, a three CNH issue, on July 10. The 4.75% bonds were reoffered at 99.724% to yield 4.85%, and the deal was the first time a regional state owned enterprise (SOE) had tapped the offshore RMB market via China’s National Development and Reform Commission (NDRC) quota system.
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China Gold International Resources Corp opened books for its inaugural international issue — a three year dollar bond — on Thursday.
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Jinchuan Group opened books for a three year offshore renminbi bond with initial guidance at 5.05% area on Thursday morning. The deal marks the first time a regional state owned enterprise (SOE) has tapped the offshore RMB market via China’s National Development and Reform Commission (NDRC) quota system.
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Asian bond issuers just can't get enough of the euro market. This week it was the turn of India's ONGC Videsh to tap the currency, but it did so in unexpected fashion, launching a dual tranche dollar deal and tacking on a debut euro leg late in the process. From a pricing perspective, the tactic looked to have paid off — and the $2.2bn-equivalent deal was India's biggest G3 issue, writes Virginia Furness.
