Midday Commentary: Wal-Mart notes trade mostly tighter in secondary market

By Aleesia Forni

Virginia Beach, Va., April 8 - The high-grade secondary market saw Wal-Mart Stores Inc.'s recent notes trading mostly tighter in the secondary market, a trader said Monday.

Wal-Mart's $1 billion tranche of 0.6% three-year notes was quoted 2 basis points tighter at midday at 22 bps bid, 21 bps offered.

The notes were 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 on the day at 41 bps bid, 40 bps offered.

The $1 billion tranche of 2.55% 10-year notes was quoted 1 bp wider at 80 bps bid, 76 bps offered.

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

In other trading, the $1 billion of 4% 30-year bonds traded flat at 100 bps bid, 95 bps offered following Thursday's pricing at Treasuries plus 102 bps.

The discount retailer is based in Bentonville, Ark.

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