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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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Two German companies used hybrid bonds to finance acquisitions this week, underlining how corporate hybrid capital has come into its own in 2014 as a useful instrument in the corporate finance toolbox, especially for acquisitions. Merck's €1.5bn deal was its first hybrid, while Deutsche Annington's €1bn issue came just nine days after it had announced its acquisition, writes Richard Metcalf. -
Korean credits have experienced a rough couple of months, with bonds falling in secondary and others failing even to price. Blame is being laid at too tight pricing, driven by the rise of domestic investors in Korean offshore bonds. And this trend is likely to continue, writes Narae Kim.
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China Orient Asset Management has opened books for a tap to a dual trancher it issued in August, when the borrower made a stellar return to dollars with the five and 10 year issue.
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German property company Deutsche Annington has issued a €1bn perpetual non-call seven year bond to fund its €9.4bn acquisition of its rival Gagfah, less than two weeks after the takeover was announced on December 1.
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Beijing Energy Investment Holding (BEIH) has arranged a series of meetings with fixed income investors starting this week for a dim sum bond issue.
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Publicis, the French PR and advertising firm, issued €1.2bn of bonds on Tuesday, equally split between seven and 10 year tranches. The proceeds will be used to fund its acquisition of US marketing and consultancy company Sapient.
