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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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BT's £12.5bn bid for mobile phone company EE has swelled the UK's lead in European M&A this year. -
Moody’s downgraded Merck KGaA from A3 to Baa1 on Friday December 12, just four days after the German pharmaceutical company had issued €1.5bn of hybrid bonds as part of the funding of its acquisition of US life sciences company Sigma-Aldrich.
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China Orient Asset Management opened books for a tap to a five and 10 year dual trancher late last week. But it decided not to price the longer bond as it was content with the strong reception for the five year.
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The US market slowed down after the previous week’s blockbuster but a handful of smaller trades were sufficient to take December's haul to a record. Four corporate trades worth $2.8bn pushed issuance to $43bn, making it the busiest December ever.
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French investment company Wendel issued a €200m tap of its October 2024 bond on Wednesday, and has reduced the amount of its revolving credit facilities.
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After an impressive year for European investment grade corporate bond issuance, with full year forecasts of over €200bn, and a very busy fourth quarter, with November accounting for more than a fifth of the total, syndicate bankers are finally calling time on new supply in 2014.
