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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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Europe's low yield environment has prompted a dramatic increase in Chinese issuers printing euro bonds this year. And with Beijing Enterprises and Yuexiu Transport Infrastructure raising a combined €700 ($772m) on April 29, observers are confident this trend is only about to get stronger. -
India’s Bharat Petroleum Corp (BPCL) has made a successful return with a new 10 year trade. Although the Asian bond market was crowded with deals this week, the Indian oil and gas company managed to find a good window to raise $500m.
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UK publisher Pearson has followed up its successful return to the euro bond market last year with a tightly priced 10 year, almost five times oversubscribed.
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Bristol-Myers Squibb has returned to the European bond market, issuing 10 and 20 year bonds to replace its existing euro bonds maturing in 2016 and 2021.
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Dong Energy became the latest in a string of companies to refinance hybrid capital bonds this year, when it issued a €600m 1,000 year non-call 5.5 deal on Wednesday.
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The Asian bond market is showing no sign of slowing down, with a flush of deals capping the end of April. This, however, is only a sign of things to come, with expectations that the buoyant activity will last until the middle of May, write Rev Hui and Narae Kim.
