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Wal-Mart Bonds Fly Off Shelf

Three-year tranche of $5 bln offering came at the narrowest spread this year.

By Charles Mead, Bloomberg | Updated on April 05, 2013

Wal-Mart Stores Inc. is winning the lowest borrowing costs this year as its AA credit rating offsets challenges ranging from a corruption probe to reports of thinly stocked shelves.

The world’s largest retailer, which has $5 billion of debt maturing through October, yesterday sold an equal amount of bonds in a four-part offering that included the lowest coupon on three-year notes in 2013, according to data compiled by Bloomberg. Wal-Mart’s sale adds to a supply of AA-rated debt that has declined to 11 percent of the $4 trillion U.S. corporate market from 18 percent three years ago.

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