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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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O2 Telefónica Deutschland, the German mobile phone business of Telefónica that floated separately in 2012, returned to the bond market today with what appeared a respectable €500m no-grow issue.
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Two European companies launched €500m no-grow bonds today, and while both deals sold well, the rampant demand for Luxottica’s issue contrasted with a cooler bid for O2 Telefónica Deutschland’s – a telling illustration of Italy’s rehabilitation.
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Arqiva, the UK broadcasting masts business, returned to the bond market on Wednesday for a bespoke £164m issue from its whole business securitization, which found ample demand, helped by a juicy new issue premium.
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Orange, the former France Télécom, may not have felt luck was on its side on Thursday January 23. As it was about to begin the roadshow for its first hybrid capital issue, investor sentiment was soured by fear of an emerging markets meltdown.
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Telecom Italia announced on Wednesday morning that it intended to call its €750m hybrid capital bond – the only one it has issued so far – after Moody’s stripped away the deal’s 50% equity credit last year.
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Heathrow Airport raised £200m of inflation-linked debt in December through a private placement arranged by StormHarbour, it was announced this week.