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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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Beijing Enterprises Holdings has appointed four banks to arrange a series of investor meetings in Europe ahead of a potential euro-denominated bond. -
Doosan Heavy Industries & Construction has made a solid entry into the US dollar bond market, raising $500m from a deal that came backed by Export-Import Bank of Korea (Kexim). The transaction’s success and jubilant investor response bodes well for the wider market, opening up opportunities for other issuers to raise offshore debt with guarantees from policy banks.
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Euro issuance by US companies has slowed since mid-March, as many have been in earnings blackouts. However, after General Mills' deal on Monday, bankers expect US issuers to return, but at more modest levels than in February.
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Trafigura Beheer met its size target when it issued a €550m five year bond on Monday, but could not tighten pricing from initial thoughts, in the face of investor caution.
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Brisa Concessão Rodoviária (BCR), the largest motorway concessionaire in Portugal, has issued its first bond since Moody’s restored its investment grade rating late last year.
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Redexis Gas, the Spanish gas distribution company, issued its second bond, a €250m 12 year, on Monday, after a three day roadshow last week.
