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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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A2A, the Italian multi-utility, pulled in a big book for a €300m 10 year bond it priced on Wednesday as part of a liability management exercise. The company launched a tender offer for €762m of notes due 2016 on the same day. -
General Motors issued a €500m three year bond on Tuesday, its second in euros since the financial crisis after announcing a fifth consecutive year of profitability.
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Canal de Isabel II Gestión, the municipal utility company that supplies water and waste water services to the Madrid region, issued its first euro bond, a €500m 10 year, on Tuesday. The deal found plenty of demand, getting €3.3bn of orders.
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Moody’s is preparing to issue its first bond in euros, and has picked JP Morgan to arrange the roadshow.
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TeliaSonera, the Swedish telecommunications company, has issued a €500m 20 year bond, extending its euro curve by two years. The deal posed a pricing challenge, as Telia's curve is inverted and of patchy liquidity.
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German company Infineon Technologies, which makes semiconductor products for the automotive, energy, industrial and home appliance industries, has mandated banks for possible three and seven year euro bonds totalling €800m to refinance a bridge loan for its acquisition of US company International Rectifier.
