Walmart Inc. is selling $16 billion bonds to help finance its investment in India’s biggest online seller. The bond sale would be the second-largest of the year, edging out an offering Bayer AG completed two days ago.

The retailer is offering fixed- and floating-rate bonds in nine parts. The longest bond, a 30-year security, may yield around 1.05 percentage points above Treasuries, less than the initial 1.2 percentage points that was being pitched earlier in the day, according to a person with knowledge of the matter, who asked not to be identified because the details are private.

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