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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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Logistics facility provider Global Logistic Properties (GLP) completed its debut outing in the dollar bond market in style, raising $1bn from a Reg S 10 year trade. Despite its first appearance, the company’s niche sector and link to GIC provided enough comfort to investors. -
China National Bluestar raised $1bn from its maiden dollar bond on May 28 as investors flocked to the state-owned chemical company’s dual tranche deal. Despite garnering almost twice as much demand for the longer dated bond, the borrower opted to raise equal amounts across the three and five year trades.
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Home Depot and Time Warner led a flurry of corporate borrowers on Thursday as the dollar market closed in on a record month for issuance.
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Eli Lilly, the US pharmaceuticals company, made its euro bond debut on Tuesday, printing seven, 11 and 15 year notes and proving that the market is still open for longer dated paper — at a price.
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Unilever, the UK-Dutch consumer goods company, highlighted growing demand for short dated bonds and FRNs on Wednesday, when it gathered a hefty order book at arguably no new issue premium for a three year floater.
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La Poste, France’s state postal service, returned to the bond market on Tuesday with its first benchmark issue since 2012. The bond was priced tightly to its curve, but the book size was not disclosed.
