Yesterday, analysts speculated that Google (NSDQ: GOOG) was a big participant in the current spectrum auction, but that it was likely Verizon Wireless (NYSE: VZ) that pulled ahead in the bidding for the high-profile C Block that will require the owner to make its network open to applications and devices.

With that bidding slowing to a trickle, it seems like a very small coincidence that now Reuters is reporting that Verizon Communications—the wireless division’s parent company—sold $4 billion in debt in three parts, according to market sources. The company also filed a document with the SEC, notifying its intentions to offer common stock, preferred stock and debt securities, for a total offering price not to exceed $8 billion.

In the 700 MHz auction today, bidding reached more than $19 billion. So far bidding has exceeded expectations. The government guessed the auction would raise $10 billion, but already bidding has broken the previous record for the largest sum the government has ever received in an auction. In 2006, the record was set when an auction raised $13.7 billion. The auction ends when bidding stops.

Reuters (NSDQ: RTRSY) is also reporting that the lack of interest in the D block, which must be shared with public safety agencies, is causing concern among federal lawmakers. The D block has failed to reach its minimum price point, and only received one bid that came in the first round.  John Dingell, chairman, House Energy and Commerce Committee: “All of a sudden they’re finding that maybe they were a bit more optimistic than was justified by good judgment.” If it doesn’t reach the minimum, the chunk of spectrum probably will be re-auctioned.