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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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Tennet, the Dutch state-owned electricity grid company, sold its first green bond on Thursday, and may have gained a price advantage from the green nature of the deal.
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Online travel booking group Expedia made its euro bond debut on Thursday, a seven year deal that will be used to help fund its acquisition of rival company Orbitz.
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RCI Banque, the finance arm of Renault, raised €750m with a seven year bond on Wednesday. While some away from the deal thought the size was ambitious, the bond traded well in secondary.
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Air Liquide, the French producer of industrial gases, returned to the bond market on Wednesday after a one year absence. It had a strong order book for a no-grow trade, allowing the leads to tighten well from initial price thoughts and price with a minimal premium.
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Guangzhou Communications Investment successfully wrapped up its debut outing to the dollar bond market on May 27. Despite the crowded pipeline, orders flooded in and the investment platform for the Guangzhou government managed to achieve both its size and pricing goals.
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The Democratic Socialist Republic of Sri Lanka is set to return to the offshore debt market on May 28, while China National Bluestar and Global Logistics Properties (GLP) are also marketing their maiden dollar bonds to investors.