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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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Foreign bank borrowers led a year-end stampede to the US bond market this week, launching more than $5bn in deals and setting a new record for annual Yankee issuance.
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Corporate borrowers returned from the Thanksgiving holiday to find the bond market party still in full swing despite extreme volatility blowing in from Europe.
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German utility RWE has completed a Eu4bn five year plus one plus one revolver after lenders had their commitments to the refinancing deal scaled back.
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US issuance was subdued this week compared with the record levels of recent months as prospective borrowers entered blackout periods ahead of the third quarter earnings season, kicked off by Alcoa on Thursday.
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BHP Billiton this week obtained the world’s biggest syndicated loan for two years and could issue up to $35bn of bonds following a $39bn hostile takeover bid for Potash Corp of Saskatchewan. -
Unrated testing and inspection company SGS debuted in the capital markets on Tuesday, with a Sfr550m six year bond. The size of the deal underlines the pace of summer activity in the market, but also the attractions of buying a strong corporate issuer.
