HEALTHCARE: Healthcare: Week in Review

The last time Walmart issued debt was on Sep 6, 2022, total $5B: $1.75B 3Y +35, $1B 5Y +55, $1.25B 10Y +85, $1B 30Y +100. Walmart is also in the list of top 20 record issuance amounts with $16B over several tranches on June 20, 2018.

• Date $MM Issuer (Priced *, Launch #)
• 04/23 $Benchmark Walmart 2Y +45a, 2Y SOFR, 5Y +60a, 10Y +80a
• 04/23 $Benchmark OCP 5Y +265a, +10Y +290a
• 04/23 $Benchmark Hanwa Futureproof 3Y +130a
• $5.7B Priced Tuesday, $10.7B/wk

CIBC note that “modified durations will remain basically unchanged across the FTSE Canada Universe Bond Inde on May 1 with no bonds rolling out or moving down maturity buckets on that day. At the same time, payment of approximately C$883mm in May 1 coupons will also have minimal contribution to the extension in the Universe Index”.

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• Treasury Secretary Scott Bessent will deliver a keynote address at the Institute of International Finance to share his “thoughts on the state of the global financial system” at 10:00 ET 15:00 BST. Bessent yesterday led a major tone shift from the administration. His private comments at an investor event foreshadowed a dovish pivot from President Donald Trump on China and Fed Chair Jerome Powell.
• The White House is reportedly closing in on general agreements with Japan and India that fall short of comprehensive trade deals but could be touted as progress toward realising Trump's agenda.
• Trump suggested yesterday that a trade deal with China could be on the horizon. He also hinted that Beijing has more to gain than Washington from a deal, indicating that a standoff over initiating high-level talks continues.
• On China’s tariff rate, Trump said: “145 percent is very high, and it won't be that high… It'll come down substantially, but it won't be zero.”
• Ukraine peace talks in London get underway today without Secretary of State Marco Rubio or negotiator Steven Witkoff. The prospect of a breakthrough today appears remote after Ukrainian President Volodymyr Zelenskyy rejected a central pillar of the US ceasefire proposal.
• Iran's Foreign Minister said indirect nuclear talks with the US are on the “right track”.
• Poll of the Day: Large majorities of US adults support courts and Congress checking presidential power.

Full Article: US DAILY BRIEF