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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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The corporate reverse Yankee market — or, put plainly, US borrowers tapping the euro market — had a great start to the year, leading many bankers to declare it a permanent fixture of the European capital markets.
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Volatility forced some issuers to the sidelines while others paid up to take the plunge this week, as the US high grade bond market suffered a choppy start to June. -
A difficult week for credit markets and a turbulent interest rate environment has left bankers divided on the prospects for corporate issuance in the near future — is it better to wait out the volatility, or hit the market before things get worse?
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US flooring manufacturer Mohawk Industries made its euro corporate bond debut on Tuesday, aiming to fund its acquisition of Belgium's IVC Group. However, leads could not tighten pricing from initial price thoughts.
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Motability Operations Group, the UK provider of cars and powered wheelchairs for disabled people, drew a chunky order book for an eight year euro bond on Wednesday, using a generous new issue premium to offset difficult market conditions.
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French oil and gas company Total launched a sterling deal on Tuesday, tapping the currency for the third time in two years — and for the first time since being downgraded by Fitch in February.
