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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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BP Capital Markets has announced guidance on a five year offshore renminbi transaction, returning to the dim sum market for the third time since its first bond in 2011. -
AIA Group is meeting investors in the US this week for what would be the issuer’s second dollar bond.
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Mitsubishi UFJ Lease & Finance has returned to the international bond market just one week after pricing a dollar bond, this time opting for offshore renminbi.
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Quasi-sovereign Indian Railway Finance Corp generated more than $3bn in demand for its $500m five year bond this week, as investors jumped at the chance to diversify away from China and Korean credits — and also took a bet that the bond would be included in the EMBI.
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French financial specialists have published their Charter for the Euro Private Placement market, intending to foster the market’s development by informing issuers, investors and dealers about best practice, writes Jon Hay.
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Sun Hung Kai Properties sold a $400m 10 year non call five bond on Tuesday, its first issue for more than a year. The innovative structure included a floating rate step-up that saved 100bp on each coupon payment, but bankers away from the deal have warned the investors have mispriced the extension risk, writes Virginia Furness.
