By Josie Cox
LONDON, Sept 10 (IFR) - Order books on VerizonCommunications' multi-tranche bond had reached USD40bn by 9am onTuesday, market sources said, signalling that the issuer was ontarget to print the biggest corporate deal on record.
Price guidance on the deal, which will finance Verizon'spurchase of Vodafone's 45% stake in Verizon Wireless, isexpected to be announced later on Tuesday and is likely to be inline with initial guidance released on Monday, sourcespreviously 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.