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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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Korea Gas Corp (Kogas) received overwhelming demand for its $500m 10 year bond on Thursday, capitalising on improved market sentiment and a successful deal from Korea Midland Power the day before to secure a $4bn orderbook and price inside its curve.
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Chinese property has been the most active sector in the bond market so far this year, and for that reason suffered more than others in last week's weak secondary market. But fund managers and syndicate officials are confident that the well known and trusted credits will have no trouble attracting interest, although debut borrowers are going to have to tread carefully.
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Financial markets remain rough, but the corporate bond new issue market is in business. That was the message of Tuesday’s output of two deals in Europe, by Cargill in euros and Experian in sterling.
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Urenco, the UK-Dutch nuclear fuel enrichment group, brought last week’s roadshow to fruition on Wednesday with a successful €750m bond issue.
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After a rough January in which a host of new US corporate bond issues have widened substantially from their launch spreads, borrowers are hoping for a return to stability. Led by BP and IBM this week, their tactic has been to restore credibility with conservative pricing and juicy spreads.