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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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Germany’s small and medium sized companies — the Mittelstand — are the envy of the industrial world. Yet their financing arrangements are often derided as old-fashioned. That is a mistake, argues Jon Hay. The strength of private, family ownership and the depth of Germany’s relationship-driven banking system are central reasons for the Mittelstand’s success. Now they are exploring a wider range of financial techniques — but at their own pace.
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Gulf Investment Corp made a long-awaited return to dollar market on Wednesday with a $500m five year senior bond that was twice subscribed. Finding the right price level in the absence of comparables was a challenge, lead managers told EuroWeek, but they met with good demand from European real money and were able to price at the tight end of guidance.
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Glorious solitude played into the hands of Danish conglomerate Moller-Maersk this week as it racked up a book that was almost four times covered for a €750m seven year bond. -
A senior banker at one of Europe’s strongest financial institutions this week attacked the investment banking industry’s "window-driven" approach to market access for senior unsecured borrowers, saying it discouraged issuers from printing and investors from buying.
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UK hedge fund manager Man Group is aiming to buy back up to €200m of senior debt in a tender offer that is intended to reduce surplus funding.
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A London market for offshore renminbi is still no more than nascent. But HSBC’s carefully choreographed Rmb2bn deal this week, the first to be executed in London, has been hailed even by rivals as an important step in the development of the asset class. Whether it will help the City to be a “bridge between East and West”, in the words of UK chancellor George Osborne, remains to be seen. But as Katie Llanos-Small writes, the prospects look strong.
