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GC Asia
Wal-Mart judges €1.5bn carefully to price tight, not widen
Wal-Mart, the US hypermarket group, launched its second bond in euros on Tuesday, raising €1.5bn. The deal showed that the euro market still has capacity for big drive-by corporate transactions, despite the heavy issuance recently, culminating in last week’s record issuance of €18.5bn.
The Aa2/AA/AA rated retailer’s previous euro outing was a €1bn 20 year bond in September 2009, placed at 98bp over mid-swaps or a 4.949% yield.
This time, Barclays, BNP Paribas and HSBC were the active bookrunners.
The structure of choice for big transactions in euros in the past ...Already a subscriber? Login
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Further Reading
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High Grade
Long end is the strong end for BP and Deutsche Bahn
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Sub-Sovereigns
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High Yield Bonds
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High Yield Bonds
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