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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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The broader sell-off that hurt the dollar bond market last week did not make its presence felt in offshore renminbi. Bankers are confident that a flood of issuers will come to market after Chinese New Year to take advantage of favourable conditions such as stable secondary market performance, positive arbitrage options and a receptive investor base.
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Korea Midland Power Co (Komipo) broke a two week hiatus in dollar bond issuance this week, amassing a huge order book for its $300m five year. It overcame a shaky start to the week, and with market sentiment improving, the way should be clear for others to follow, writes Virginia Furness.
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Urenco, the UK-Dutch nuclear fuel enrichment group, brought last week’s roadshow to fruition today with a €750m bond issue to finance a tender offer for a €500m May 2015 bond.
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Corporate bond spreads have widened in the past fortnight, and there have been some rough days in the stockmarkets. New issue premiums have risen, and some new deals have widened in the aftermarket. Yet the market feels strong — deal flow is busy and most transactions are finding plenty of demand.
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Korea Midland Power has become the first issuer out of the gates after Chinese New Year launching prices guidance for a five year dollar bond on Wednesday. The bond the borrower's first appearance since 2008. -
Financial markets remain rough, but the corporate bond new issue market is in business. That was the message of today’s output of two deals in Europe, by Cargill in euros and Experian in sterling.
