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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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Enel, the Italian electricity company, has set the minimum spread for its new 10 year benchmark euro bond at 115bp over mid-swaps, which one banker described as a "very investor-friendly" level. -
Baosteel Resources International (BRI) will meet investors next week ahead of a potential US dollar bond after mandating six banks.
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A week of plentiful supply of investment grade corporate debt has met with strong demand from investors, especially for names offering increased yield such as those in the European periphery. But bankers say a European Central Bank announcement on bond buying next week could trigger a sell-off if it fails to satisfy the market.
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A volatile market backdrop deterred many companies from issuing dollar bonds this week, but those that braved the conditions were mostly rewarded with strong demand and single digit new issue concessions.
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Enel, Italy's leading power company, announced on Wednesday that it would issue a benchmark 10 year bond in an exchange offer for up to €5.5bn of existing bonds, as part of a liability management exercise. The transaction is meant to extend Enel's maturity profile.
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Larger deals and bigger new issue premiums will be the new normal for Asia ex-Japan as issuers adjust their debt funding strategies in the face of volatile markets. A pair of high profile bonds in the past week clearly illustrated this size-over-price approach, although bankers said that while it will become increasingly common, not everyone will adopt it, writes Rev Hui.
