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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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State Grid Corporation of China returned to the market with a multibillion triple-tranche transaction on Monday morning. But despite nearly $10bn having already been absorbed by issues from other major Chinese state owned enterprises this month, bankers said there is still room for State Grid to do a jumbo deal. -
Ratchaburi Electricity Generating Holding (Ratch) has announced initial guidance on its debut offering and looks set to become the first Thai corporate in the international dollar bond market this year.
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China Overseas Land and Investment will be on the road this week and next with a proposed dollar issue. It will be the second transaction for the issuer this year, following a $400m bond in January.
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Far East Horizon issued its first Singapore dollar bond on Wednesday, selling a S$400m ($318.2m) 3.5 year deal. The issuer was able to save on its US dollar cost of funding but chose to print a small transaction despite a strong investor response.
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Tencent printed the largest ever dollar bond for an Asian technology company on Tuesday night, and the $2.5bn three and five year dual tranche transaction was more than five times subscribed. A ratings upgrade since its last outing ensured the issuer received a good response from the US and allowed it to price comfortably inside its curve.
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China National Offshore Oil Corporation printed a $4bn triple-tranche bond on Wednesday night with investors flocking to the 10 year portion, which attracted a $9.4bn final order book.
