Late in the day on 15 March, Verizon Communications (BBB+/Baa1/A-) launched a 20-year tranche as part of its Kangaroo benchmark transaction, with seven- and 10-year tenors, announced earlier in the day. The 20-year tranche has an indicative price guidance of 175 basis points area over semi-quarterly swap and is expected to price, along with the other tenors, on the day after launch. Deutsche Bank, J.P. Morgan and Mizuho Securities are leading.