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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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US firms took the European corporate bond market to a record week, climaxing with an €8.5bn fizzer from Coca-Cola. And there is no let-up to the “reverse Yankee” glut in sight, reports Richard Metcalf. -
Deal-hungry investors piled into trades by a procession of dollar issuers who peppered the market emboldened by a temporary settlement over Greece, reassurance from the Federal Reserve that it won't raise rates in a hurry — and the prospect of a massive deal hitting the market next week.
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Svenska Cellulosa Aktiebolaget, the Swedish paper, pulp and consumer goods manufacturer, issued €600m of five and 10 year bonds on Thursday.
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AT&T, the US mobile phone service provider, returned to the euro bond market on Monday, issuing €2.5bn in 8.5 and 20 year tranches.
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Snacks and coffee maker Mondelez was one of a string of US companies to access the European bond market this week when it priced €2.6bn of euro and sterling bonds on Wednesday.
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With many companies’ results now out of the way, issuers have begun pouring back into the European bond market. The only thing is, they’re (almost) all American.
