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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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German pharmaceutical company Merck issued its first hybrid bond, a €1.5bn dual tranche deal, on Monday, less than a week after Volvo issued its first piece of hybrid capital. Merck's notes carry a 2.625% coupon, a record low for corporate hybrid issuance. -
The list of provincial government-linked Chinese entities making their offshore debuts this year added a new name when Zhuhai Da Heng Qing printed a Rmb1.5bn ($244m) dim sum bond on December 4.
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Aluminium Corporation of China (Chalco) raised $500m with its second international bond of the year after drawing a order book that was six times covered.
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At the press conference following the European Central Bank meeting on Thursday, ECB president Mario Draghi made no mention of corporate bonds specifically, to the relief of bankers at European investment banks. However, he did say the ECB was considering buying “sovereign bonds, but also other types of bonds” leaving the door open for corporate bond buying when the ECB reassesses its stimulus measures next year.
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Volvo joined the growing group of corporate issuers of hybrid capital on Wednesday, when it priced its first hybrid bonds. The deal was popular with investors, generating €7.4bn of orders.
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Medtronic grabbed the record for the biggest high grade corporate bond issue of 2014 this week, as investors returned from their Thanksgiving breaks keen to put cash to work in one of the busiest weeks of the year.
