$17.5 Billion Offering Size (Par Amount)
2.45% Global Notes due 2020
3.00% Global Notes due 2022
3.40% Global Notes due 2025
4.50% Global Notes due 2035
4.75% Global Notes Due 2046
Floating Rate Notes Global Notes due 2020
Capital Markets Group manages AT&T transaction, the 3rd largest corporate bond issuance on record
In April 2015 AT&T (Baa1/BBB+/A-) executed their long-awaited financing for its acquisition of DirecTV, announced May 2014. Siebert was selected as a Co-Manager and was given an opportunity to generate orders in all maturities of the offering, and in that context, we worked with middle market clients particularly within our asset manager, public pension, and investment advisor sectors, to generate substantial and unique indications of interest. Order book size at maximum was $67B.
Our capital markets team has worked hard to foster a long-standing debt market coverage relationship with AT&T and its predecessor companies, providing ongoing transaction feedback and market color within the Telecommunications / Media / Technology sector, as well as frequent new issue pricing updates and illustrations.
The offering ended up being the third largest corporate bond issue on record, behind only Verizon’s $49B transaction on September 11, 2013, and Actavis’ $21B deal from March 3, 2015, becoming the second largest deal of 2015.