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◆ 12 year bond surprises bankers with strong demand ◆ Orders fall as pricing tightens ◆ Deal lands close to fair value
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
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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. -
South Korean oil refiner GS Caltex will be meeting with investors over the next two weeks after for a proposed dollar issue.
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Perusahaan Gas Negara has made a much anticipated return to the dollar bond market, printing a $1.35bn 10 year bond on May 12. Dealers took advantage of the positive momentum caused by Indonesian paper rallying in secondaries, and the borrower was able to achieve aggressive pricing to print inside its nearest comparable.
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Encouraging Indian election exit poll results, a recent rating upgrade and rarity value helped Bharti Airtel price a jumbo dual currency dual tranche 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 on its debut dollar and euro bonds last year.
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Indian telecommunications company Bharti Airtel launched transactions into two currencies on the same day. The issuer opened the books for a ten year dollar issue on Monday morning and a few hours later, it hopped over to the euro market where it opened the books for a seven year offering at the London opening.
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Rizhao Port launched the second standby letter of credit backed dim sum bond on May 8 but competing supply on the day meant that the bond priced wider than expected. Due to a limited issuing window, the borrower was forced to come to market in less than ideal conditions.
