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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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Mitsubishi UFJ Lease & Finance, a subsidiary of the Japanese lender, returned to the bond market last week, only months after launching its biggest ever bond deal, and once again found strong demand from investors.
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Westpac Banking Corp raised $1.5bn on Tuesday in the biggest offshore bond this year from an Australian financial institution without a government guarantee.
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Substantial deals for News America, American Express and Yum! Brands ended the week in the US high grade bond market with a flourish on Thursday, and underlined a marked improvement in tone from the first days of the week.
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Citigroup’s better than expected second quarter results and the continued positive tone for financials helped it to achieve a sharply lower cost of funds when it issued a $2.5bn 30 year unguaranteed bond on Monday. But the borrower remains a long way short of being able to fund itself economically without government support.
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As the Bank of England this week reduced the number of reverse auctions in its corporate bond asset purchase facility, the sterling market remained puzzled as to how successful the scheme has been so far.
