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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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Formosa Plastics Group started taking orders for its return to the dollar as it opened books to a 10 year bond on Tuesday, April 14. Despite the crowded pipeline in the Asian bond market, bookbuilding has been smooth as the deal is driven by strong indications of interest. -
Besides Anheuser-Busch InBev’s €3bn blockbuster, two other deals came to the European corporate bond market on Monday, for Grand City Properties and FCA Bank — the new name for Fiat’s finance arm FGA Capital.
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Anheuser-Busch InBev, the Belgian-US brewer, showed how well Europe’s corporate bond market has recovered since Easter — and the apparent change in the market’s depth in the past year — by issuing a €3bn bond on Monday that found very strong demand.
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Moody's, Standard & Poor's and Fitch have all put Royal Dutch Shell on negative outlook or watch for downgrade for its acquisition of BG Group, though bankers say it should not affect Shell's cost of borrowing.
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Shell’s £47bn agreement to buy BG Group has stirred up optimism among debt bankers that mergers and acquisitions in the EMEA region could at last take off, stimulating corporate funding needs.
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Market volatility and investor uncertainty meant the Asian dollar bond market was heavily skewed towards investment grade deals in the first quarter of 2015. But the next three months could look very different. Many bankers are counting on a recovering Chinese property sector and a surge in bank capital trades to revive the high yield market, writes Narae Kim.
