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Bond Market News
Macy’s Bonds Drop As Buyout Talks End
July 16, 2024
Macy’s bonds dropped across the curve after the company said that it was terminating discussions with Arkhouse Management and Brigade Capital on a potential buyout. Only a week earlier, the buyout offer for Macy’s was upsized to $6.9bn from $6.6bn, with its bonds ticking higher by ~2 points across the curve. Macy’s board said that the recent bid “fails to provide compelling value”. Some analysts indicated that a hostile acquisition would be extremely expensive. The retailer said that it will now focus on its turnaround plan. Some of Macy’s bonds including its 6.125% 2032s and 4.5% 2034s have a change of control put at 101 in the event Macy’s gets acquired. CreditSights analyst James Goldstein said that assuming the buyout does not take place, it would take away some near-term upside of CoC trigger.
Its 4.5% 2034s were down over 3 points, trading at ~83 cents on the dollar.
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