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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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Chinese tech firm Tencent Holdings made its eagerly anticipated return to the dollar bond market on February 4 with a $2bn dual tranche offering that drew a frantic response from investors. That resulted in an 8.5 times covered book, which the issuer was able to leverage to price inside its rival Alibaba. -
Reliance Industries tapped the dollar bond market for the second time in two weeks, raising $750m from a 30 year bond on February 3. Even though it was not by design, having the deal come at a later stage proved to be a masterstroke as Reliance was able to achieve some top notch pricing.
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Heathrow Airport placed a £115m 21 year index-linked note with Macquarie Infrastructure Debt Investment Solutions on Wednesday, immediately after its €750m 15 year public bond deal on Tuesday.
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National Grid North America on Wednesday continued a run of euro issuance by US companies by issuing a €750m seven year bond.
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Australian energy company AusNet Services has mandated four banks for its third euro bond.
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Reliance Industries tapped the dollar bond market for the second time in two weeks, raising $750m from a 30 year bond on February 3. Even though it was not by design, having the deal come at a later stage proved to be a masterstroke as Reliance was able to achieve some top notch pricing.
