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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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Outokumpu, the Finnish steel company, is asking holders of its two bonds for consent to add a security package to its loans and bonds, and to complete its separation from ThyssenKrupp.
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Deutsche Bahn sold its first public bond in Swedish kronor on Monday afternoon. Despite its tricky seven year maturity, the Skr1.6bn (€182m) deal drew more interest than expected.
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Hong Kong and China Gas (HKCG) sold its first hybrid perpetual bond this week, finding strong demand for its entry into the asset class. The $300m non-call five deal was its first dollar bond since 2008, and rarity and a sound structure helped produce a successful print, said bankers on the deal.
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Bayer, the German drugs, pesticides and chemicals company, launched its first substantial euro bond for four years today, raising €2bn with a three tranche issue that was priced to achieve hefty size and found strong demand.
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Belgian milling and bakery firm La Lorraine Bakery Group has raised debt totalling €200m in the syndicated loan and retail bond market.
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China Mengniu Dairy Company closed a successful debut dollar deal on November 28, building a $3.25bn book for a $500m bond. Despite the issuer’s strong fundamentals, bankers on the bond said that price discovery had involved compensating investors for the risk of future scandals in China’s food industry.