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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
◆ Telco takes size in euros and duration in sterling ◆ Elevated premiums paid at the long end ◆ Sterling tranche AT&T's first since 2018
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Guarantor: HJ Heinz Holding Corporation
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The corporate bond market finally tasted a decent amount of supply this week after a punishingly quiet June but, while Capgemini's and Heinz’s ability to get size away is encouraging, syndicate bankers are fretting that Greece could undo all of the week’s positive developments. -
Heinz’s jumbo bond backing its acquisition of US foods group Kraft topped off the dollar market’s best ever quarter and half-year for high-grade corporate issuance.
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Capgemini braved difficult market conditions this week to secure a hefty deal with an impressive order book to fund its acquisition of IGATE, though the French consultancy was forced to offer investors a generous premium for the privilege.
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Heinz rounded out an impressive debt financing exercise on Wednesday for its merger with Kraft, adding modestly sized euro and sterling bonds to the $10bn seven tranche dollar issue it had done on Tuesday.
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Kennedy Wilson Europe Real Estate issued £300m of seven year bonds on Wednesday, dividing market opinion. Some bankers said the deal looked cheap and poorly supported.
