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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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Apple smashed the record for largest corporate yen bond from an international issuer with its debut on Thursday, but other borrowers are unlikely to leap on the obvious demand, writes Nathan Collins -
International Personal Finance, the UK lender focusing on emerging markets, tapped the Polish zloty market on Wednesday, selling a small trade to domestic investors to refinance an upcoming redemption.
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China National Bluestar, which raised $1bn from its maiden dollar bond last week, has reopened books to the same deal on June 4 as a result of a contractual oversight.
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Debut borrower Beijing Construction Engineering Group (BCEG) came to the offshore bond market for the first time on June 3 as it looked to take full advantage of strong feedback it garnered during a roadshow. Despite the packed pipeline on that day, the Chinese borrower fetched $500m on the back of solid demand.
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Investors piled into the first offshore renminbi bond from Lenovo Group, keen to get their hands on some rare corporate supply. The strong response allowed the borrower to upsize the five year offering to Rmb4bn ($645m), equalling the record for the largest corporate dim sum bond.
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Bharti Airtel showed that scoring a huge order book is not necessary for a deal to be deemed a success. Its $1bn trade attracted just double that in bids, but Bharti still managed to achieve its tightest ever spread, with the bonds also trading well in the aftermarket.
