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AT&T Inc. (NYSE: T) on Tuesday sold $3 billion of bonds in a two-part debt offering comprising five- and 10-year notes, according to a person familiar with the transaction.  Is this the $3B break-up fee required to pay Deutsche Telecom (PINK: DTEGY) if the merger fails to get approved?

The $1.75 billion, five-year piece bearing a 2.95% coupon priced at a discount to yield 2.989%, or 0.97 percentage point over comparable government debt; while the 10-year, $1.25 billion piece with a 4.45% coupon priced to yield 4.459%, or 1.15 percentage points over Treasury's. Proceeds from the notes, which were rated A2 by Moody's Investors Service, will be used for general corporate purposes.

Barclays Capital (NYSE: BCS), Citigroup (NYSE: C), Goldman Sachs (NYSE: GS) and Wells Fargo (NYSE: WFC) were joint leads on the deal, supported by Williams Capital as a co-manager. Read more from WSJ.  What does this mean for the probability of the AT&T $20B bridge loan that JPMorgan (NYSE: JPM) is leading?

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