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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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Total leveraged its status as a repo eligible name in Switzerland to achieve tight pricing on a new Sfr200m ($214m) 12 year Swiss franc bond on Thursday.
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US investors showed few signs of fatigue as they continued to pour cash into corporate high grade debt amid an unrelenting pipeline of dollar issuance this week. -
General Electric became the latest US issuer to hit the euro bond market with a multi-tranche deal on Wednesday. Unusually, the bond was issued by GE itself, not GE Capital.
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Harman International Industries, the US audio equipment manufacturer, made its euro bond debut on Wednesday, putting together a sub-benchmark deal that will be used in part to finance its acquisition of part of Bang & Olufsen.
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Michelin, the French tyre maker, issued its first bond since 2012 on Tuesday. While the issuer drew good demand for seven and 12 year euro bonds, a proposed 30 year tranche failed to gain traction with investors.
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Electricity Supply Board (ESB), Ireland’s state electricity company, pulled together a hefty order book for a 12 year bond on Thursday — bucking a trend of long dated deals proving tricky.
