AT&T prices $6 billion; Hospitality Properties taps market; Crown tightens; Xerox flat

By Cristal Cody

Tupelo, Miss., Jan. 29 – Investment-grade companies including AT&T Inc. and Hospitality Properties Trust tapped the market on Friday.

AT&T priced $6 billion of global notes in four tranches, including $1.25 billion of 2.8% notes due Feb. 17, 2021 at 99.823 to yield 2.838%. The bonds priced with a spread of 150 bps over Treasuries.

AT&T placed $1.5 billion of 3.6% notes due Feb. 17, 2023 at 99.925 to yield 3.612%, or a spread of Treasuries plus 195 bps.

In the third tranche, AT&T priced $1.75 billion of 4.125% notes due Feb. 17, 2026 at 99.934 to yield 4.133%. The 10-year notes priced with a spread of Treasuries plus 220 bps.

In the final tranche, the company sold $1.5 billion of 5.65% bonds due Feb. 15, 2047 at 99.766 to yield 5.666% with a spread of Treasuries plus 290 bps.

Hospitality Properties Trust sold $750 million of notes in two tranches.

Lloyds Bank plc announced plans to price an offering of one-year floating-rate senior notes.

In the secondary market, Crown Castle International Corp.’s 4.45% senior notes due 2026 priced on Thursday traded 3 basis points tighter earlier in the day Friday.

Xerox Corp.’s 3.5% senior notes due 2020 headed out flat on the news the company will split into two publicly traded companies.

The Markit CDX North American Investment Grade 25 index ended the day 1 bp tighter at a spread of 101 bps.

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