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AT&T sells $4 billion; Arizona Public Service prices; Thomson Reuters firms; CDX softens
By Cristal Cody
Eureka Springs, Ark., May 3 – AT&T Inc. surprised the market with $4 billion of add-ons to five tranches of senior notes on Tuesday.
The final book size was more than $11 billion, a market source said.
The company sold $750 million of 2.3% notes due March 11, 2019 at a spread of 73 basis points over Treasuries, $750 million of 2.8% notes due Feb. 17, 2021 at 103 bps over Treasuries, $1.1 billion of 3.6% notes due Feb. 17, 2023 at Treasuries plus 135 bps, $900 million of 4.125% notes due Feb. 17, 2026 at 150 bps over Treasuries and $500 million of 4.8% notes due June 15, 2044 at 210 bps over Treasuries.
The bookrunners were BNP Paribas Securities Corp., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC.
Proceeds from the reopenings will be used to repay outstanding bank loan debt.
Also in primary activity, Arizona Public Service Co. sold $350 million of 30-year notes.
Credit spreads widened over the day. The Markit CDX North American Investment Grade series 23 index closed 3 basis points weaker at a spread of 81 bps.
In the secondary market, AT&T’s bonds traded mostly flat to modestly softer.
Thomson Reuters Corp.’s 3.35% notes due 2026 traded about 6 bps tighter than where the bonds priced on Monday.
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