Wal-Mart caps another blockbuster week

16 Jan 2009

In the face of crumbling equity markets and widening credit default spreads, the US dollar high grade market had another startling week.

Excluding dollar denominated SSA paper, well in excess of $20bn was printed, culminating yesterday in the $1bn 5s/10s deal for market darling Wal-Mart.

It printed $500m at 10 years at Treasuries plus 200bp and $500m at five years at Treasuries plus 175bp — and it is a very long ...

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