Verizon Kicks Off Hybrid High-Grade Bond Sale to Refinance

Verizon Communications Inc. is selling hybrid bonds in the US dollar investment-grade debt market for the first time after issuing the equivalent of $8 billion of them in other currencies over the last six months.

The company is marketing two tranches of notes, with maturities of 30 years and 32 years, according to a person with knowledge of the matter. Initial price talk on the longest tenor is a yield of 6.625%, the person said, asking not to be identified disclosing private details.