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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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Shanghai Electric Group Company (SEC) wrapped up its first foray into euros this week, joining a string of Chinese firms that have recently taken advantage of Europe’s low yield environment. Due to the strong demand, not only did the issuer price the deal a lot tighter than its closest comparable but it was able to ramp up the issue size. -
Guangzhou Communications Investment Group has hired two banks ahead of its first outing in the dollar bond market and will meet investors this week.
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Zhengzhou Yutong Group has opened books for a three year dim sum bond, having opted to add the credit enhancement of a standby letter of credit for its first transaction in the offshore renminbi (CNH) debt market.
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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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Illinois Tool Works, the US machinery and components maker, issued its third euro bond on Tuesday, taking what bankers away from the deal judged a “conservative” approach by selling eight and 15 year tranches.
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BMW issued its first public sterling bond of the year on Tuesday, achieving an attractive arbitrage against euros for a long five year maturity, according to bankers away from the deal.
