Wal-Mart Stores Inc. (WMT), the world’s largest retailer, sold $5 billion of debt in four parts in its biggest offering in two years.
The company’s $1 billion of 0.6 percent, three-year notes yield 30 basis points more than similar-maturity Treasuries, its $1.25 billion of 1.125 percent, five-year securities pay a relative yield of 45 basis points, $1.75 billion of 2.55 percent, 10-year bonds have an 82 basis-point spread and $1 billion of 4 percent, 30-year debt pays 102, according to data compiled by Bloomberg.
The offering is Wal-Mart’s largest since it raised $5 billion in April 2011 in a four-part sale that included $1 billion of 4.25 percent, 10-year securities yielding 75 basis points more than benchmarks and $2 billion of 5.625 percent, 30- year notes at a spread of 110 basis points, Bloomberg data show.
The bonds due April 2021 traded at 114.1 cents on the dollar to yield 2.32 percent on April 2, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
Barclays Plc, Citigroup Inc. and Morgan Stanley managed the offering for the Bentonville, Arkansas-based company, Bloomberg data show. The debt is expected to be rated Aa2 by Moody’s Investors Service, and proceeds will be used for general corporate purposes.
To contact the editor responsible for this story: Alan Goldstein at firstname.lastname@example.org