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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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China General Nuclear Power Corp (CGNPC) managed to price a $600m 10 year deal this week, despite launching with a fairly aggressive price guidance. Investors were undeterred by the tactic which allowed the borrower to price inside fair value. -
Volkswagen is bringing its second Chinese auto ABS transaction, issuing an investor presentation for a deal that is more than twice the size of last year's debut. The new Rmb1.89bn ($305m) deal, called Driver China Two, is again set to feature ratings from Fitch and Moody's in a bid to attact international interest in what is still a fledgling asset class for China.
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Huawei Investment & Holding Co left nothing to chance with its debut bond, reeling in a large volume of indications of interest and pricing the trade above the level recommended by its syndicate. In the end it had nothing to fear apart from Tuesday’s wobble in US Treasuries as the bond tightened around 10bp in secondary markets.
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Tennet, the Dutch government-owned electricity transmission system operator, has mandated banks for its first green bond and will travel to meet investors next week.
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Two Chinese investment grade credits went head-to-head on May 12 in what was gearing up to be a busy day for Asia’s bond markets, with four dollar trades vying for investors’ attention.
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US companies are continuing their steady march into the euro bond market, including many who have never issued before, or not for many years.
