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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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Carrefour, the French supermarket chain, found strong investor demand for a €750m 10.3 year bond on Tuesday, when it became one of the first European companies to issue bonds after anti-austerity party Syriza’s victory in the Greek general election on Sunday. -
Unilever, the Anglo-Dutch consumer goods company, capitalised on its status as a rare issuer and a highly recognisable name to price a €750m seven year bond very tight to its notional curve on Tuesday, with a coupon of just 0.5%.
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Corporate bond bankers and investors are taking Syriza’s victory in Sunday’s Greek general election in their stride.
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UK gas distribution company Southern Gas Networks has mandated four banks for its first bond since 2011. A spokesman said the company was aiming for a 10 year sterling deal, which could be priced tomorrow.
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Enagás, the Spanish gas grid operator, priced a €600m 10 year bond last Friday. A strong bid for corporate bonds, fuelled by news of the eurozone quantitative easing scheme, helped the issuer to achieve very tight pricing.
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Terna, the Italian electricity grid company, sold a €1bn seven year bond last Friday, profiting from strong demand after the announcement of European quantitative easing on Thursday, January 22, to price with a minimal new issue premium.
