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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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There were finally some signs of life in the offshore renminbi (dim sum) bond market this week, with a pair of Chinese names mandating banks for new deals. -
There has been much excitement this week about corporate bonds starting to trade at negative yields, in the pressure cooker of Europe's bond market where European Central Bank president, Mario Draghi has just turned the dial up to 10.
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Spreads in the corporate bond market have been in freefall over the past couple of weeks and now a short dated Nestlé note is reportedly the first corporate bond to trade at a negative absolute yield. But bankers say the movement in longer dated bonds has been even more extreme, producing ‘rollercoaster’ curves and that investors will just have to learn to love paying companies to hold their cash.
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Ford Credit Europe Bank, the US car maker’s European financing vehicle, found plenty of demand for a €650m three year floating rate note and a €650m seven year fixed rate bond on Tuesday.
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Gwynt-y-Môr Ofto, the company which will run the offshore transmission system for a 576MW windfarm off the north coast of Wales, has mandated banks for a benchmark sterling bond to finance its £352m investment.
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Korea Hydro & Nuclear Power (KHNP), a subsidiary of Korea Electric Power Corporation (Kepco), has issued a request for proposals and is in the midst of selecting banks for its return to the offshore debt market.
