Midday Commentary: Trading thin following Easter holiday; Wal-Mart notes mostly better

By Aleesia Forni

Virginia Beach, April 21 - Activity was light in the high-grade bond market to open Monday's session following the extended Easter holiday weekend.

A source noted that trading was thin early Monday, with spreads mostly flat overall.

The recent three-part issue of notes from Wal-Mart Stores Inc., which priced on Tuesday, was trading unchanged to tighter at mid-morning.

The $500 million of 1% three-year notes, which priced with a spread of Treasuries plus 17 basis points, traded at 15 bps bid early during the session.

Meanwhile, the 3.3% notes due 2024 were unchanged at 66 bps bid, a trader said.

The company sold $1 billion of the notes at Treasuries plus 73 bps on Tuesday.

The retailer's offering of 4.3% bonds due 2044 firmed 2 bps to 82 bps bid, 80 bps offered, the trader said.

Wal-Mart sold $1 billion of the long bonds at Treasuries plus 90 bps.

The discount retailer is based in Bentonville, Ark.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.