T-Mobile US Inc. is tapping the US investment-grade bond market on Monday as blue-chip firms rush to raise fresh capital ahead of key inflation data later this week.
The US wireless carrier is selling the debt in as many as two parts, according to a person with knowledge of the matter. The longest portion of the offering, a 30-year security, may yield about 1.95 percentage points above Treasuries, said the person, who asked not to be identified as the details are private.
Proceeds from the offering will be used for general corporate purposes, which may include among share buybacks, dividends and refinancing of existing debt, said the person. The carrier will likely have about $14 billion of liquidity sources for second half of the year, according to Bloomberg Intelligence analyst Stephen Flynn. Still, the wireless behemoth may sell bonds to “bolster its coffers ahead of significant demands on liquidity,” Flynn wrote in a note last month.
High-grade borrowers raised $55.5 billion last week, the third-largest weekly tally this year, with supply heavily skewed to debt due in under 10 years.The firm is among around thirteen potential issuers looking to tap the high-grade market on Monday. Investment-grade borrowers are expected to raise $30 billion this week, with issuance anticipated to be front-loaded ahead of a crucial reading on US consumer price index report on Wednesday.
Citigroup Inc., Morgan Stanley, RBC Capital Markets and Wells Fargo & Co. are managing the bond sale, the person said.
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