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Just one week after Tesla Inc.’s much-ballyhooed $1.8 billion bond issue and the notes are trading underwater, leading some to question the pricing of the deal. The 5.3% notes due 2025 last traded at 97.50 cents on the dollar, according to MarketAxess, after touching a low of 97.375 cents during Friday’s session. The high-yields bonds were reported to have attracted strong demand, with the underwriter Goldman Sachs increasing the size from an original $1.5 billion. Investors appeared to find comfort in Tesla’s TSLA, -2.90% market capitalization of $57.9 billion, which makes it the nation’s biggest car company measured by that metric. General Motors Co. GM, +0.32% currently has a market cap
Wal-Mart Stores Inc. has brought its online grocery delivery service to two more cities, extending a program that could attract new customers as it battles Amazon.com Inc. and brick-and-mortar rivals. The world’s biggest retailer is expanding the service to Orlando and Dallas in a partnership with Uber Technologies Inc., whose drivers will make the home deliveries. The service already exists in Denver, San Jose, Phoenix and Tampa. The move is the latest step in Wal-Mart’s broader e-commerce push, which includes curbside grocery pickup in more than 900 locations and two-day free shipping on millions of items. It also comes just a week after German discounter Aldi unveiled grocery home delivery
Sempra Energy is buying Texas power transmitter Oncor for $9.45 billion in cash, wresting it away from Warren Buffett's Berkshire Hathaway. Sempra said Monday that it will also pick up $9.35 billion of the company's debt. To gain possession of Oncor, Sempra will acquire the reorganized Energy Future Holdings Corp. Energy Future entered bankruptcy in 2014, saddled with more than $40 billion in debt due to cratering energy prices.