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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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Chinese leasing company UT Capital Group, a wholly owned subsidiary of Haitong Securities, launched its inaugural international bond - a three year dim sum – on Thursday. -
Hong Kong property developer Nan Fung International Holdings made a return to the dollar market on Thursday with a ten year bond. The investment grade issue has been met with strong demand, with the orderbook at over $2.5bn when bankers announced final guidance.
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Pertamina has opened guidance on a long-awaited new bond, a 30 dollar year issue, almost two months after meeting investors. Bankers said the meetings were part of a non-deal roadshow, but investors have nonetheless been expecting a launch for some time.
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China Construction Bank (CCB) Frankfurt branch launched the first Frankfurt-issued renminbi-denominated bond from a subsidiary of a Chinese name on Monday morning. The two year transaction, which will clear and be listed in Frankfurt, had attracted more than Rmb1bn ($162m) in orders less than half an hour after books were opened.
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Encouraging Indian election exit poll results, a recent rating upgrade and rarity value all helped Bharti Airtel price a jumbo dual currency issue on Monday. Voracious investor appetite enabled the issuer to price flat to its existing curve, but ample leftover demand could see a replay of the hefty taps the issuer made last year, writes Isabella Zhong.
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Hainan Airlines opened the books for a three year offshore renminbi transaction on Thursday, with investor demand reaching Rmb3bn ($481m) by late afternoon. The deal will be the first offshore RMB corporate bond to be listed, cleared and settled in Singapore.
