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Investment Grade Issuance Starts 2026 Off Strong
Posted
April 24, 2026
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April 24, 2026
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6:17Now PlayingKay Herr, CIO: US GFICC at JPMorgan, discusses her outlook for corporate credit spreads as investment grade issuance grows, plus where she sees Fed policy heading amid the war in Iran.
AT&T Inc. raised $6 billion from an investment-grade debt sale, seizing on strong investor demand to bolster liquidity as it prepares to close a major network-expansion deal.
The five-tranche bond deal — with maturities ranging from seven to 40 years — was sold Thursday after attracting about $29 billion of orders at the peak, according to people familiar with the matter.
Pricing on the longest maturity — a bond due in 2066 — tightened by 0.3 percentage point from early discussions to 1.4 percentage points above Treasuries, one of the people said, asking not to be identified disclosing private details.
Proceeds from the transaction, which includes an additional offering of existing notes due in 2033 and 2046 that both trade below par, are earmarked for general corporate purposes that may include debt repayment and pending acquisitions.
The bond sale occurred as AT&T moves toward closing a $23 billion spectrum license purchase from EchoStar Corp., capitalizing on still historically low spreads to boost its cash cushion. The company also expects to return at least $45 billion to shareholders through 2028.
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