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Retail

Walmart Latest To Tap Bond Market With $5bn Offerings

Walmart Inc will raise $5 billion in bond offerings, joining a host of big retailers and restaurant chains to tap the debt market ahead of the US Federal Reserve's next potential rate move.

A company filing showed on Wednesday that its bonds will be due between 2025 and 2052 and have a coupon rate of between 3.9% and 4.5%.

The Federal Open Market Committee Meeting is scheduled for 20-21 September, where the Fed is expected to decide on whether to go for another 75bp rate increase.

IFR reported on Tuesday that at least 19 investment-grade bond deals were expected to price, as issuers and investors get ready for what is expected to be a busy post-Labor Day session.

Target Corp is offering $1 billion in notes due 2032, while McDonald's Corp is offering about $1.5 billion in two-part bonds due 2052 and 2032, the companies disclosed in separate filings on Tuesday.

Separately, Lowe's Cos Inc also announced the pricing of a four-part notes offering at $4.75 billion and Dollar General priced four-part senior notes worth $2.3 billion.

Massmart

Recently, the US retail giant signed an agreement to begin buying the 47% stake in South African retailer Massmart it does not own.

Massmart had said that its majority owner Walmart had offered it 6.4 billion rand ($373 million) to purchase the remaining shares and to delist the company from the Johannesburg Stock Exchange.

Elsewhere, Walmart may launch a platform that will use social media influencers to help the retailer and its 100,000 third-party sellers promote their goods and services online.

News by Reuters, edited by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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