TPG prices $300 million; Wells Fargo firms; Walmart tightens; Kroger flat

By Cristal Cody

Tupelo, Miss., Oct. 25 – TPG Specialty Lending Inc. priced $300 million of five-year notes on Friday in its first high-grade bond offering since Jan. 17, 2018.

The new issue came at a spread of 245 basis points over Treasuries.

In the company’s 2018 offering, TPG sold $150 million of 4.5% notes due Jan. 22, 2023 at a spread of 212.5 bps over Treasuries.

Wells Fargo & Co.’s $6.5 billion of medium-term notes priced in two tranches in the week’s biggest bond offering tightened about 3 bps to 4 bps in the secondary market, a source said.

The company’s $3 billion tranche of 2.406% fixed-to-floating-rate notes due Oct. 20, 2025, which priced Thursday at a spread of 82 bps over Treasuries, improved about 3 bps.

The rate on the notes will convert to a floating rate of Libor plus 82.5 bps on Oct. 30, 2024.

In other secondary trading, bonds in the retail sector were steady to tighter on the day.

Kroger Co.’s senior notes (Baa1/BBB/BBB) were flat to about 1 bp better on Friday, a market source said.

Walmart Inc.’s notes traded flat to about 6 bps tighter.

The retailer’s 3.25% notes due July 8, 2029 firmed 6 bps during the session.

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