Verizon’s Global Hybrid Bond-Sale Push Reaches $12 Billion

Verizon Communications Inc. has raised about $12 billion from hybrid debt sales over the past six months as the US telecommunications company explores ways to support its investment-grade ratings.

The company’s latest offering, a debut US dollar bond, follows similar deals in euros, sterling and the Australian dollar. Borrowers have sold a record number of such deals this year, in part to improve credit metrics since a portion of hybrids are treated as equity by ratings firms.