Wal-Mart judges €1.5bn carefully to price tight, not widen

Wal-Mart shopper for new website
By Jon Hay
03 Apr 2014

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 ...

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