Telecoms The urge to merge

credit of the month

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The credit markets saw a rash of activity in the telecoms sector in February, as speculation about the path for future consolidation mounted on the back of SBC Communications’ announcement of its acquisition of telecom giant AT&T Corp. for $16 billion and Verizon’s announced acquisition of MCI for $6.75 billion.

Spreads on SBC’s bonds saw little movement on the news, but AT&T’s 8% notes due 2031 tightened 19 basis points in the week of the announcement, according to MarketAxess. An

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