Verizon’s Worldwide Hybrid Bond Sale Drive Hits $12 Billion

Verizon Communications Inc. is selling $4 billion of 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 $2 billion tranches of notes, with maturities of 30 years and 32 years, according to a person with knowledge of the matter. The longest tenor is set to yield 6.2% compared with initial price talk of about 6.625%, the person said, asking not to be identified disclosing private details.