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◆ Orbit prints 15 year trade after one day of marketing ◆ Demand peaks at five times the deal size ◆ Small new issue premium spotted
◆ 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
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Man Group, the UK hedge fund manager, announced a tender offer today for its €600m 2015 and $250m 2013 bonds.
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Surging confidence in the dollar market drove more than $10bn of supply from a handful of well known corporate issuers this week. But with low rates pushing funding costs to new lows, issuance still fell short of expectations. And, with corporate funding needs limited, meagre supply looks set to continue.
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Negative sentiment and the advent of the earnings season failed to hold back Walmart and Société Générale from providing more than half of the $14bn of supply in the US investment grade bond market this week. But the US retailer had to pay up to do so. With more supply from banks expected, investors are being selective in volatile market.
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Mitsubishi UFJ Lease and Finance became only the second-ever Japanese borrower to sell dim sum bonds this week, when it issued a Rmb200m ($30.5m) deal. The bond drew a strong response from investors, showing that demand for Japanese credits has not wavered despite the earthquake that struck the country three weeks ago.
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Henderson, a UK fund manager, priced a £150m six year bond on Friday as part of a liability management exercise. The unrated borrower issued the note at 475bp over the 4% September 2016 Gilt and with a 7.25% coupon.
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UK fund manager Henderson is set to print a bond of up to £250m on Friday, as part of a tender offer for its outstanding debt.