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AT&T, Willis, American Financial, CenterState in primary; telco space ‘winner’
By Cristal Cody
Tupelo, Miss., May 21 – The high-grade primary market remained active on Thursday ahead of the long holiday weekend.
AT&T Inc. marketed a five-tranche tranche offering of senior notes (Baa2/BBB/A-) expected to top $7 billion, a source said.
The deal includes fixed-rate notes due 2027, 2031, 2041, 2051, 2060.
Also on Thursday, Willis North America Inc. priced a $275 million add-on to its 2.95% senior notes due Sept. 15, 2029.
CenterState Bank Corp. sold $200 million of 10-year fixed-to-floating rate subordinated notes during the session.
American Financial Group, Inc. priced an upsized $150 million of 40-year subordinated debentures.
Also, Athene Global Funding offered dollar-denominated three-year senior secured notes (/A/A) initially talked to price in the Treasuries plus 275 bps spread area on Thursday.
In the Canadian primary market, Telus Corp. priced C$1 billion of senior notes (Baa1/BBB+/DBRS: BBB) in two tranches during the session.
The telecommunications space has been a “winner in Covid-19,” a source said Thursday. “Telcos are the winners – they’ve been very busy this year, though this is Telus’ first trade of 2020. Not surprising, they had a great outcome.”
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