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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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Heathrow Airport raised £200m of inflation-linked debt in December through a private placement arranged by StormHarbour.
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Arqiva, the UK broadcasting masts business, returned to the bond market today for a bespoke £164m issue from its whole business securitisation, which found ample demand, helped by a juicy new issue premium.
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Financial markets have had their first mauvais quart d’heure of 2014, but nobody told the high yield market. Frightened that emerging markets might be falling apart, stock markets fell for three days and the iTraxx Crossover index widened by 40bp — but it hasn’t stopped the march of high yield deals.
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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 today. Its €300m tap was no show-stopper, but at least proved a price-sensitive issuer could get a deal done.
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Orange, the former France Télécom, is likely to issue its first hybrid capital transaction tomorrow (Wednesday) if markets are still stable in the morning.
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Daimler’s plans to tap the Chinese Panda bond market caused a stir last week given the rarity of such issues. The German automaker would be only the third name ever to tap the market, after the Asian Development Bank (ADB) and the International Finance Corporation (IFC), and would be the first corporate to do so. But bankers warn that there is little to suggest a flurry of activity will come in its wake. The problem is finding issuers that suit the market — and investors who want to buy.