Midday Commentary: Positive tone to secondary as Wal-Mart tightens

By Aleesia Forni

Virginia Beach, Va., April 5 - The investment-grade secondary market saw a positive tone early Friday, one market source said.

Recent deals, including Thursday's new issue from Wal-Mart Stores Inc., were generally trading better on the day, though activity was muted to close the week.

The four tranches of Wal-Mart's $5 billion deal traded 2 basis points to 6 bps better in the secondary market.

Wal-Mart notes firm

Wal-Mart's $1 billion tranche of 0.6% three-year notes was quoted 6 bps tighter early Friday a 24 bps bid, 20 bps offered.

The notes sold at a spread of Treasuries plus 30 bps on Thursday.

Meanwhile, the $1 billion of 1.125% five-year notes, which priced at 45 bps over Treasuries, traded 2 bps better at 43 bps bid, 41 bps offered.

The $1 billion tranche of 2.55% 10-year notes was quoted 3 bps better at 79 bps bid, 78 bps offered.

The notes sold at a spread of Treasuries plus 82 bps.

In other trading, the $1 billion of 4% 30-year bonds traded 2 bps better at 100 bps bid, 98 bps offered following Thursday's pricing at Treasuries plus 102 bps.

The discount retailer is based in Bentonville, Ark.

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