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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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China Resources Land was out with final guidance for a dual tranche senior unsecured dollar bond on Thursday afternoon.
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Unrated Hong Kong issuer New World Development Company upsized its seven year deal from $600m to $750m and priced at the tight end of the range due to an unexpected level of investor demand.
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Mitsubishi UFJ & 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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Unilever has announced it is returning to the dim sum market to refinance its existing 2014s. Bookrunners HSBC and UBS announced initial price guidance at 3.25% on Thursday morning.
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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 bankers said saved 100bp on each coupon payment compared to what it would have paid for a ten year bullet.
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Bankers’ predictions that issuance of themed green bonds will reach $20bn-$25bn this year, doubling the market’s outstanding size, began to bear fruit this week as Unibail-Rodamco, the French property company, announced its first green bond issue.