Qualcomm brings $10 billion jumbo offering; Verizon mixed; Microsoft, Apple soft

By Aleesia Forni and Cristal Cody

Virginia Beach, May 13 – Qualcomm Inc. priced a $10 billion offering of senior notes on Wednesday in a session that hosted more than $17 billion of new issuance.

The giant deal was joined in the primary by ConocoPhillips Co., which sold $2.5 billion of bonds in five parts.

Two sovereign issuers, Province of Ontario and Finland, also entered Wednesday’s primary market, with Ontario selling a $2 billion five-year offering and Finland pricing a $1.5 billion three-year issue.

In other primary happenings, Aon plc sold $600 million of 30-year notes, and Connecticut Light and Power Co. sold $300 million of 30-year mortgage bonds.

Federal Home Loan Banks and Fossil Group Inc. joined the forward calendar on Wednesday, each announcing plans to bring deals to market later this week.

Wells Fargo & Co. tapped the Canadian market with a C$1 billion 10-year notes offering, Canada’s third maple bond deal of the year and the second of the week.

In the secondary market, Verizon Communications Inc.’s bonds (Baa1/BBB+/A-) were mixed over the day. Verizon announced on Tuesday that it plans to acquire AOL Inc. in a $4.4 billion deal.

Microsoft Corp.’s 2.7% notes due 2025 traded 2 bps weaker.

Apple Inc.’s 2.5% notes due 2025 widened 9 bps during the session.

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