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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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The world’s largest utility State Grid Corp of China issued its first euro-denominated bond on January 19, with a €1bn ($1.2bn) deal comprising seven and 12 year notes. -
Baosteel Resources International (BRI) had a barnstorming debut on January 21, hitting the market with a five year dollar bond that was eight times covered. The strong demand was a testament to the deal’s pricing, according to bankers on the trade.
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Snam, the Italian natural gas transmission company, tapped its April 2023 bond for €250m on Wednesday. The new notes were priced with a very small pick-up, putting some investors off, but the transaction was still more than three times subscribed.
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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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The European Central Bank’s meeting on Thursday is the first thing corporate bond specialists have to consider this week when weighing the prospects for their market — and many see more risk of downside than upside.
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A good market window brought Reliance Industries bank to the bond market on January 21 with the Indian conglomerate appointing a large syndicate to reward banks who have worked on its loans.
