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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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Sinochem Hong Kong on Tuesday priced a $500m five year bond inside its existing curve, thanks to a trio of ratings upgrades which enabled the borrower to attract a high quality order book with a strong following by US accounts. -
Tencent printed the largest ever dollar bond for an Asian technology company on Tuesday night with a $2.5bn three and five year dual tranche transaction that attracted an orderbook that was more than five times subscribed. A ratings bump since its last outing ensured the issuer got a good response from the US and allowed it price comfortable inside its curve.
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Korea Expressway added to week's rush of issues, pricing a three year bond on Tuesday. While it was by no means the standout deal among the likes of Sinochem and Tencent, the bond attracted a good spread of investors and performed well in secondary markets.
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Sinochem Hong Kong priced a $500m five year bond inside its existing curve on Tuesday night. The transaction came on the back of a trio of ratings upgrades for the issuer and was able to attract a high quality orderbook with a strong following by US accounts.
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China National Overseas Oil Corporation opened the books for a three tranche transaction on Wednesday morning as the issuer embarks on its annual bond fundraising, joining a number of other Chinese state owned enterprises that have come to the market in recent weeks.
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Sinochem launched a five year bond on Tuesday morning as the market reopened on firm ground following the Easter break.
