The financial market would be expecting Verizon Communications Inc. to sell bonds valued at around USD49 billion on Wednesday. Proceeds of the bond sale would be used to finance its planned buyout of its U.S. wireless partner Vodafone Group stake in both companies' wireless joint venture.
The staggering amount of the corporate bond sale would be the biggest so far that it would overshadow Apple Inc's USD17 billion bond offering in April.
According to sources who told the Wall Street Journal, the New York telecommunications company has over USD90 billion worth of investor orders. Verizon was to start selling around USD20 billion in bonds this week but had to increase their target to accomodate the influx of orders.
Portfolio manager Matt Duch at Calvert Investments Inc. said, "It's a little mind-blowing, the size, that they are able to get it done. I just think there's a lot of things coming together at once that allow this to happen."
At the same time of the planned corporate bond sale, a meeting would be held to offer a USD12 billion loan to interested investors.
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