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Telecom Debt - Is Verizon Looking for More Financing?

PIPELINE
Some background on telecom debt issuance after noting T-Mobile's long end issuance expected today.
  • This brings to mind Verizon -- current record holder massive jumbo issuance: almost eight years to the date: Verizon issued total of $49B debt on August 11, 2013.
  • Fast forward to this year: Verizon issued $25B via nine tranches on March 11: the massive issuance was $1B more than the US Tsy bond auction on that day and oversubscribed too: ($1.75B 3Y +45, $750M 3Y FRN SOFR+50; $2.75B 5Y +70, $750M FRN SOFR+79; $3B 7Y +90; $4.25B 10Y +107; $3.75B 20Y +120; $4.5B 30Y +130; $3.5B 40Y +145. Note: Verizon followed up the following week with EUR issuance as well in 8Y, 11Y and 14.5Y; 20Y Australian bond as well).
  • Why the history lesson? There is NO chatter of any impending issuance again from Verizon , but the telecom company did hold an investor conf yesterday and bond and option volume is unusually high today.
  • If Verizon were to add to the massive debt issued in March -- it would explain why Tsys remain under pressure ahead the today's 5pt Intel jumbo issuance (size TBA), not to mention $58B 3Y Tsy auction.
BulletMarketsVerizon Market NewsFixed Income BulletsHomepage
BulletMarketsVerizon Market NewsFixed Income BulletsHomepage

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