By Josie Cox
LONDON, Sept 10 (IFR) - Order books on VerizonCommunications' multi-tranche bond have reached more thanUSD30bn, with around 100 accounts placing orders for eachtranche, including investors from Europe and Asia, marketsources said on Tuesday.
Price guidance on the deal, which will finance Verizon'spurchase of Vodafone's 45% stake in Verizon Wireless, isexpected to be announced later today and is likely to be in linewith initial guidance released on Monday, the sources said.
The deal consists of eight tranches, including two floatingrate notes with three- and five-year maturities and six fixedrate tranches with maturities of three-, five-, seven-, 10-, 20-and 30-years.
Initial price thoughts on the fixed rate tranches were setat Treasuries plus 165bp on the three-year, T+190bp on thefive-year, T+215bp on the seven-year, T+225bp on the 10-year,T+250bp on the 20-year and T+265bp on the 30-year.
Active bookrunners Barclays, BofA Merrill Lynch, JP Morganand Morgan Stanley are due to close books on Tuesday, withpricing scheduled for Wednesday.