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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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National Grid, the UK electricity transmission company, was the only European investment grade company to issue a public bond in the European market on Tuesday. Its €300m tap was no show-stopper, but at least proved a price-sensitive issuer could get a deal done.
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After Electricité de France issued a 100 year dollar bond on Monday January 13 and the first ever 100 year sterling bond in a wildly successful £1.35bn sale on Friday January 17, Europe’s bond market has been thick with speculation about further century bond issues.
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Dealogic league tables of bond transactions, last 12 months rolling. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.
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“You first” could be the motto of European corporate borrowers at the moment, as the new bond issue market fell silent again on Thursday after the excitement of Orange’s €2.7bn hybrid debut on Wednesday.
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Chinese property has been the most active sector in the bond market so far this this year, and for that reason has suffered more than others in a 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. -
Asia’s dollar bond market rounded off this year's record run with a pause this week ahead of Chinese New Year, after a sell-off that left most new issuance well wide of reoffer. Bankers and buyers pointed to Chinese PMI figures, weakness in the wider emerging markets and even US housing data. But most remained confident that fundamental demand would allow a strong restart after the holidays, writes Steve Gilmore.
