AT&T bonds tighten on first day of trading
The blockbuster US$22.5bn bond issue from telecoms giant AT&T - the third largest dollar corporate bond ever - was bid up to 4bp tighter on its first day of trading Friday, a broker said.
The 3.9% 10-year was bid at T+156bp, 4bp inside where it priced a day earlier. The longest-dated offering - the 5.3% 41-year - was 3bp tighter at T+237bp.
AT&T priced the deal on Thursday to help fund its merger with Time Warner.
The red-hot investment-grade market - which saw another big inflow of US$2.319bn for the week ended July 26 according to Lipper data - showed plenty of love for the trade, delivering an order book that peaked at US$60bn.