Wal-Mart sparks trolley dash with $3bn sale
Wal-Mart stole the show in this week’s US credit markets with a $3bn three tranche offering of fives, 10s and 30s, taking advantage of pent-up demand for US corporate high grade paper ahead of the second quarter earnings season that starts next week.
The AA rated retail giant achieved the lowest coupon of any corporate issuer for each of the tranches, as investors leapt at the chance to escape the record low yields of US Treasuries. The five year coupon was 2.25%, the 10 year 3.625%, and the
30 year 4.875%.
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