Verizon's new US$49 billion bonds soared in secondary trading on Thursday, meaning tens of millions in potential profits for investors who got in on the largest corporate bond issue ever.
The telecoms giant awed the bond market with the offering on Wednesday, and by midday Thursday the new issue had rocketed up as much as seven-plus points in dollar price.
The eight different maturities of the massive deal were all trading at least 45 basis points (bp) tighter than Wednesday's pricing, with some tightening as much as 80bp.
The US$15 billion 30-year tranche, where investors get the biggest bang for their buck because of the long maturity, was trading at US$107.467, giving it a spread of 219bp over Treasury bonds versus a 265bp spread at pricing.
(Read more: Verizon prices record-breaking $49 billion bond deal)