Retail giant Walmart is on pace to borrow $5 billion in the corporate bond market on Wednesday, with strong investor demand leading to cheaper financing than...
Mega retailer Walmart was on pace to borrow $5 billion in the corporate bond market on Wednesday, with strong investor demand dialing back borrowing costs for the national chain.
Walmart, WMT a big-box retailer with AA credit ratings, was initially expected to raise about $4 billion, but was on pace to increase its borrowing size and trim pricing after order books touched about $27 billion, according to Informa Global Markets. Walmart’s debt deal comes as financial markets have again become more favorable for borrowers to navigate. The retailer’s big $1.5 billion class of 10-year bonds was expected to price Wednesday at a spread of about 70 basis points above the risk-free Treasury rate, or well below an initial range of about 95-100 basis points above the benchmark, according to Informa.
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