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Tags: bonds | exchange | Verizon | sale

Verizon Bonds Rise on Planned $12 Billion Sale in Exchange Offer

Thursday, 24 July 2014 11:45 AM

Verizon Communications Inc.’s bonds climbed after the company said it’s planning to issue as much as $12 billion of new notes for an exchange offer.

The largest U.S. wireless carrier’s $15 billion of 6.55 percent securities due 2043 rose 0.9 cent to 126.9 cents on the dollar to yield 4.8 percent at 10:07 a.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The notes traded at the highest intraday level in almost two months.

The securities are among the 11 Verizon is offering to exchange, according to a statement yesterday. That deal might match Apple Inc.’s $12 billion offering in April, which at the time was the biggest dollar-denominated corporate bond sale of 2014, according to data compiled by Bloomberg.

Verizon bonds are the most actively traded dollar-denominated corporate notes by dealers today, accounting for 8.4 percent of the volume of dealer trades of $1 million or more, according to Trace.

The company sold $49 billion of bonds in September in the biggest company debt offering ever.

© Copyright 2022 Bloomberg News. All rights reserved.


InvestingAnalysis
Verizon Communications Inc.'s bonds climbed after the company said it's planning to issue as much as $12 billion of new notes for an exchange offer.
bonds, exchange, Verizon, sale
175
2014-45-24
Thursday, 24 July 2014 11:45 AM
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