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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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European corporate bond bankers were delighted with the market reaction to the European Central Bank’s announcement on Thursday of a bond buying programme of at least €1.08tr, much bigger than expected. And the fact that corporate bonds appear to have been left out of the programme, for now at least, did nothing to dampen their spirits. -
US corporate new issues have plunged to multi year lows as issuers shrug off strong demand due to the cost of carry. Even Thursday’s confirmation of European Central Bank quantitative easing, which opened the floodgates for FIG issuers, could not move corporate borrowers off the sidelines.
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Italian electricity company Enel has priced a €1.46bn 10 year bond, to be issued to the holders of six shorter dated bonds, after 25% of the investors accepted an exchange offer.
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Adif Alta Velocidad, the Spanish high speed rail track operator, priced a €1bn 10 year bond on Wednesday, its second ever issue. The company had originally intended to launch the deal last year.
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Richmond Housing Partnership has mandated two banks for a roadshow that could lead to the second debut bond from a UK housing association this year.
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International bond investors welcomed back Reliance Industries for the first time in two years as the Indian conglomerate priced a $1bn 10 year offering on January 21. The deal notched up a number of landmarks, being the first Indian credit to come to market in 2015 and achieving the lowest coupon ever for the issuer in the offshore market.
