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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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Investment grade corporate bond issuance soared on Wednesday with a €1.75bn ($2.03bn) dual tranche deal from Toyota Motor Credit; benchmark bonds from Iberdrola and Evonik; and debuts from US Reit WP Carey, and UK charity the Wellcome Trust. In total, €4bn of bonds were issued. -
Paragon Community Housing Group has issued its debut bond, pricing a £250m ($379.41m) 32 year on Wednesday. The bond carries a 3.625% coupon, which Paragon’s finance director said was the lowest ever on a UK housing association bond of that tenor.
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US real estate investment trust WP Carey issued a €500m eight year bond on Wednesday, continuing the 2014 trend of non-European companies selling bonds in the currency.
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After a gentle start, corporate bond issuance is zooming ahead in top gear in Europe, with both spreads and yields at or near record lows.
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State-owned coal supplier China Shenhua Energy successfully issued its maiden offshore bond market on January 13, fetching $1.5bn across three tranches. The size of the offering was relatively large for a debut issuer although weak commodities prices meant the company had to fork out a new issue concession.
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French chemical company Arkema has completed the long term financing of its acquisition of Bostik, with a €700m 10 year senior bond on Tuesday.
