AT&T and Discovery start bond sale that may target US$30bil

Largest deal: AT&T says it will spin off its media assets, which include CNN, and merge them with Discovery in a US$43bil (RM180bil) deal. — Reuters

NEW YORK: AT&T Inc and Discovery Inc kicked off marketing on a bond sale that’s expected to be one of the largest offerings ever as they seek to fund their media business combination. The deal will test a market that’s been rattled by inflation and Russia’s invasion of Ukraine.

The two companies are selling bonds in as many as 11 parts, according to a source. The longest portion of the offering, a 40-year security, may yield 3.25 percentage points above Treasuries, said the source.