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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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Korea Hydro & Nuclear Power (KHNP), a subsidiary of Korea Electric Power Corporation (Kepco), has mandated four banks to prepare its return to the offshore debt market which could come as early as in April. -
Baoshan Iron and Steel (Baosteel) was the latest in a string of Chinese issuers to tap the euro bond market when it priced a €500m three year note on Friday. The deal followed transactions by China State Shipbuilding and China Construction Bank.
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French oil company Total SA has mandated banks for a multi-tranche euro hybrid bond deal, after the drop in oil prices last year put the credit ratings of oil companies under pressure.
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AusNet Services, the Australian electricity and gas distributor, issued a €560m 12 year bond on Friday, raising precisely the sum it wanted to swap into Australian dollars. The bond was priced close to the issuer's curve.
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Korea Gas Corp (KoGas) is aiming to issue an offshore bond in the second half of this year as part of its plan to raise as much as $1.8bn in 2015. US dollars remain the most likely currency for the new trade, although the government-owned natural gas supplier is also considering other options.
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The European investment grade corporate bond market has yet to pick up momentum this year, with many borrowers still in pre-results blackout. But a combined €17bn or orders for Statoil and BP bonds this week showed that despite worrying geopolitical and macroeconomic news, and the drop in oil prices, new issues from the right names can count on strong demand.
