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relates to Hedge Funds Make Biggest Short Bet on Junk Bonds Since 2008 relates to Qatar Central Bankers Must Reveal Emails Over Blockade Response relates to Faang Rout Is Reconsidered After Jobs Data: Wall Street Reacts relates to Kashkari Has ‘Zero Sympathy’ for Wall Street Critics of Fed relates to Goldman, Pimco Detect Irrational Inflation Mania in Bonds relates to Bond Fund That Changed Its Ticker to BTC Is Now Switching Back relates to Europe’s Banks Cash In on Lagarde’s Billion-Euro Loan Sweetener relates to Lagarde Says ECB Policy Has Alleviated, Not Deepened Inequality relates to HDFC to Raise $17 Billion in Bonds After Profit Beats Estimates
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Markets

Verizon Global Debt Sale Spree Tops $30 Billion With Maple Deal

  • U.S. firm sold C$1.5 billion bonds due in 7 years, 30 years
  • Company has also issued in U.S. and Australian dollars, euros

Verizon Communications Inc.’s worldwide bond issuance to help finance purchases of 5G airwaves reached over $30 billion Tuesday after it sold debt in Canadian dollars.

The U.S. telecommunications giant priced C$1.5 billion ($1.2 billion) in two parts maturing in seven and 30 years, according to people familiar with the matter. Today’s Maple bond deal, or debt issued by foreign companies in Canadian dollars, is the firm’s second in the currency after raising C$1.3 billion last year.

“Today’s transaction highlights the continued strong investor demand and receptivity for Maple bond offerings from U.S. blue-chip companies,” said Jamie Hancock, managing director and head of Canadian capital markets at BofA Securities, one of the arrangers of the transaction.

The company’s C$1 billion of seven-year bonds got an order book over C$1.5 billion and the C$500 million 30-year portion saw orders above C$800 million in demand, according to people familiar with the matter.

“Verizon is very pleased with today’s Canadian investor participation in our global funding initiatives to support our investment in C-band spectrum as part of our strategy to lead in 5G in the United States,” Treasurer Scott Krohn wrote in an email, without providing details on the order book.

New York-based Verizon is leading telecom companies turning to the debt markets at a time when the race to purchase spectrum licenses is heating up. Its Canadian dollar deal follows debt transactions in U.S. dollars, euros and Australian dollars.

Last week it priced a $25 billion bond sale in the U.S. in the largest corporate bond issue so far in 2021. The company issued unsecured bonds in nine parts after drawing $109 billion of orders at its peak.

Read more: Verizon Sells $25 Billion of Bonds in Year’s Largest Offering

On Monday, the company priced 2.75 billion euros of bonds and early Tuesday it raised another 1.25 billion of Australian dollar bonds, according to data compiled by Bloomberg.