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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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The primary US debt market hit a high point on Monday with $11bn of investment grade new issues. Flows then petered out amid negative sentiment in the equity markets and further bad news from Greece.
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Spain’s central bank made moves to cool the furore over its creditworthiness this week, offering to publish its own stress tests on the country’s banks, alongside proposals to accelerate savings bank mergers.
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The US market re-opened for big-ticket financial institutions issuance this week as both Morgan Stanley and Citigroup tapped the markets with deals of more than $1bn — the first to do so in May. -
Towergate Finance plc, a subsidiary of UK privately-owned insurance company Towergate Partnership, is expected to rely on domestic support for a £665m-equivalent high yield bond expected next week, a debut issue which is part of a broader debt refinancing.
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Merck KGaA looks set to provide the European corporate bond market with its first big-ticket acquisition-related issue of the year as early as next week. The German pharmaceuticals company will complete a series of investor meetings on Monday.
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Westpac Banking Corp will sell the first Samurai bonds of the year next week after approaching investors with a benchmark-sized deal that comes with no government guarantee.
