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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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Apple may well be the darling of the bond markets but arch rival Microsoft proved that it is still a massive draw when it printed the biggest deal of the year at tighter spreads than its rival.
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Gwynt y Môr Ofto has issued a £399m bond to finance its £352m investment in the offshore transmission system for a 576MW windfarm off the north coast of Wales. The deal, which is supported by credit enhancement from the European Investment Bank, was nearly three times oversubscribed. -
Tyco Electronics and Tyco International baffled bankers this week by announcing mandates for euro bonds within days of each other.
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With the renminbi-dollar cross currency swap (CCS) shooting up to record levels over the past week, international high grade issuers could be tempted back in to the offshore renminbi (CNH) market.
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State-owned enterprise Dalian Port became the first Chinese issuer to tap the offshore renminbi bond market this year on February 11, raising Rmb800m ($130m) from a three year bond. But it was a tough deal to execute as demand was lukewarm and it was only the presence of anchors that helped push the credit enhanced bonds through.
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UK oil company BP priced a €2.5bn bond on Wednesday, using a tried and tested eight and 12 year format, following the success of a €3.75bn deal by Norwegian rival Statoil on Tuesday. The deal was well received, getting €3bn of orders for each tranche.
