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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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Companies have overtaken public sector entities in issuing green bonds this year, according to research from Bank of America Merrill Lynch published on Thursday. -
Asia ex-Japan's primary dollar bond market was paralysed this week by the twin terrors of a Federal Open Market Committee meeting and an escalation of concern about the Greek economy. The market's usual June exuberance was nowhere to be seen, and many bankers are not expecting activity to resurface until next month at the earliest, writes Narae Kim.
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Archer Daniels Midland, the US food processing and commodities trading company, ended a fallow patch in the corporate bond market on Wednesday, making its debut in the euro market with a dual tranche deal.
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Atos, the French IT services and outsourcing company, added to an already packed corporate bond pipeline on Wednesday, hiring banks to arrange a roadshow beginning next week, for its first ever bond.
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Dim sum regular Caterpillar Financial Services Corp priced its first offshore renminbi (CNH) bond of the year on June 16, raising Rmb1bn ($161m). The company decided to tap the market this week after being encouraged by the recent bullish secondary performance of its outstanding bond.
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In the corporate market investors aren’t buying and issuers aren’t mandating. But borrowers are still keen to roadshow. That is giving false hope to bond syndicates, and the costs could outweigh the benefits.
