The US corporate bond market shrugged off two market interventions by the Federal Reserve this week — an emergency funding injection and an arguably underwhelming rate cut — as supply picked up on Thursday with trades from Wal-Mart and Volkswagen.
Retailer Wal-Mart, rated Aa2/AA, brought a $1.5bn deal on Thursday via Bank of America Merrill Lynch, Barclays and Citigroup. They tightened pricing by 15bp to launch a $500m 10 year at 60bp over Treasuries and a $1bn 30 year at 80bp.
German carmaker Volkswagen
was in the market with