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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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Final guidance is out for China Unicom (Hong Kong)'s debut dim sum deal, as the deal continues to amass orders. The book for the three year offering has now hit Rmb9bn, after kicking off on Thursday morning. -
Investors turned up in hordes to take advantage of Oil India’s $1bn debut bond, placing orders of over $8bn for the dual tranche offering. Diversification was a key driver of demand for the credit, which offered a much needed alternative to the surplus of Chinese property bonds.
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Caterpillar priced an Rmb400m ($65m) tap of its 2016s on Monday night, with ANZ pricing the deal despite not acting as a bookrunner on the original transaction.
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Oil India has announced guidance on its debut bond this morning, opting for a dual tranche five and 10 year trade. The issuer joins a raft of recent Indian deals taking advantage of the resurgence in investor appetite for Indian credit, and pricing ahead of the somewhat unpredictable elections.
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Caterpillar is tapping its Rmb1.25bn ($202m) 2.95% 2016s, just under two months after the issuer printed the original bond on February 24.
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Sinopec Group Overseas Development smashed records for Chinese state-owned industrials with a $5bn five tranche bond that ranks as the largest dollar deal in Asia for over 10 years, the largest bond from the country’s SOE sector and as well as the first to include floating rate notes. And it managed to price through its curve at each maturity.
