Yield spreads on bonds issued by Comcast Corp. widened Tuesday, after the company surprised the market with a $30.9 billion offer for Sky Plc . The company topped a bid from 21st Century Fox Inc. and complicated a deal Fox has made to sell many of its assets to Walt Disney Co. . “The purchase offer is all cash, resulting in pro forma leverage of approximately 3.0 times should the deal be completed on proposed terms,” said CreditSight analysts. “This represents a material step up up from about 2.2 times net leverage at year-end and the company’s historical norm.” CreditSights is recommending looking at a 20 basis-point widening as an opportunity to add exposure on the company’s 10-year bonds, which were trading about 5 basis points wider in early afternoon trade, according to MarketAxess. The company’s most-active bonds, the 4.000% notes due in March of 2048, were about 6 basis points wider, according to MarketAxess, while the 3.9000% notes due in March of 2038 were 4 basis points wider on the day. On the equities side, the stock was down 5.7%, while the S&P 500 was down 0.3%.
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