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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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Some investment grade corporate bonds and credit default swap spreads have been rocked in the past weeks by the collapse in the Russian currency and political instability in Greece, but investment grade oil companies’ bonds are holding up relatively well. -
Europe’s corporate bond new issue market is done for the year, but January is likely to be busy, right from the off.
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Chinese property was firmly back on the menu at the end of the year, with issuers making the most of the bullish sentiment following a rate cut by the People’s Bank of China (PBoC). But while falling rates will benefit the sector’s biggest names, smaller borrowers could find conditions tougher in 2015.
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ZF Friedrichshafen could increase its €300m ($368.2m) Schuldschein deal to €600m, having received strong support from investors. The German auto supplier is also expected to come to the bond market in the new year.
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Repsol will aim to issue hybrid bonds to finance an acquisition announced this week, with British Telecommunications widely expected to do the same to help finance its takeover of Everything Everywhere.
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UK-based investment grade companies have made far more use of the euro bond market this year than in recent years, issuing the equivalent of $40.2bn so far in 2014. Much of that issuance appears to have replaced dollar-denominated bonds.
