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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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ArcelorMittal met with a warm welcome from retail investors on its first outing in the Swiss franc market on Thursday. -
Deutsche Wohnen, the German property company, mandated banks on Thursday for a roadshow to market the possible sale of its first non-convertible bonds.
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Korea National Oil Corp (KNOC) has mandated six banks to prepare for the first outing to the offshore debt market this year. Although nothing has been decided on the upcoming notes, the borrower is expected to return before November 2015, when its existing bond comes up for maturity.
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Kennedy Wilson Europe Real Estate raised £300m of seven year bonds on Wednesday, but divided market opinion, with some bankers saying the deal looked cheap and poorly supported.
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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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The corporate bond market got back on its feet with vigour on Wednesday, as Capgemini in particular impressed, with a hefty size and even heftier order book for a triple tranche deal — though it had to pay a large new issue premium.
