{"id":43771,"date":"2020-11-16T08:05:11","date_gmt":"2020-11-16T13:05:11","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=43771"},"modified":"2020-11-16T01:26:04","modified_gmt":"2020-11-16T06:26:04","slug":"verizon-communications-inc-nysevz-sells-12-billion-of-bonds-as-news-of-covid-19-vaccine-sparks-issuance","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/verizon-communications-inc-nysevz-sells-12-billion-of-bonds-as-news-of-covid-19-vaccine-sparks-issuance-43771","title":{"rendered":"Verizon Communications Inc. (NYSE:VZ) Sells $12 Billion Of Bonds As News Of COVID-19 Vaccine Sparks Issuance"},"content":{"rendered":"<p><strong>Verizon Communications Inc. (NYSE:VZ)<\/strong> <a href=\"https:\/\/finance.yahoo.com\/news\/verizon-begins-jumbo-bond-sale-170745663.html\" target=\"_blank\" rel=\"noopener noreferrer\">sold $12 billion of bonds<\/a> as blue-chip firms sought out to squeeze I debt sales after the encouraging news on Monday about the potential coronavirus vaccines.<\/p>\n<p><strong>Verizon to use proceeds of the sale to repay debt <\/strong><\/p>\n<p>The carrier sold the debt in five parts in what is the 5<sup>th<\/sup> largest transaction this year. Verizon will use proceeds from the sale for repayment of outstanding debt and spectrum costs according to a source familiar with the transaction. The source confirmed that the offering&#8217;s longest portion, which is a $2 billion 40-year security would yield 1.3% above treasuries after initial discussion of 1.5%.<\/p>\n<p>The telecommunications company requires more airwaves to keep up with growing network capacity demand. Verizon is investing billions of dollars in expanding its 5G network which promises ultra-high speeds and fast response times. The next-generation wireless tech will be vital in facilitating a breakthrough in sectors such as autonomous vehicles and robotic surgery.<\/p>\n<p><strong>US carriers determined to deliver ultra-fast 5G network to consumers <\/strong><\/p>\n<p>In September the wireless carrier spent around $2 billion on <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-11-10\/verizon-begins-jumbo-bond-sale-as-vaccine-news-sparks-issuance\" target=\"_blank\" rel=\"noopener noreferrer\">5G spectrum lease rights<\/a> at a federal auction. Verizon&#8217;s bid topped the likes of Dish&#8217;s $913 million bid, and this reflects the determination to serve consumers as the user of mobile data for various uses increases. It is also scheduled to spend even more in the C-band auction that will commence on December 8, 2020.<\/p>\n<p>The auctions are part of the efforts of clearing a path for the ultra-fast 5G mobile internet which will underlie various aspects of different sectors. CreditSights analysts indicated in a note on Tuesday that the C-band Spectrum is a \u201cmust have&#8221; for the company. Thus investors should consider the possibility of Verizon spending around $20 billion.<\/p>\n<p>The company led five borrowers tapping the investment-grade market in leveraging Monday\u2019s broad rally following the news of a COVID-19 vaccine from Pfizer and BioNTEch and President-elect Joe Biden\u2019s victory. On Monday 9 borrowers priced $18.9 billion, which was the biggest single-day volume since September 23, 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Verizon Communications Inc. (NYSE:VZ) sold $12 billion of bonds as blue-chip firms sought out to squeeze I debt sales after the encouraging news on Monday [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":41713,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[263],"tags":[922,1649,3432],"stock_ticker":[14050],"class_list":["post-43771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-nysevz","tag-verizon-communications-inc-nysevz","tag-verizon-communications-inc","stock_ticker-vz","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Verizon Communications Inc. 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