SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

American retailer Macy’s is said to be lining up a new bond issue and is sounding out potential investors for the same, as per Bloomberg sources. This comes amid very favorable conditions for junk rated issuers as average yields on high yield bonds hit a record low of less than 4% over the past few weeks. The company, rated B+/Ba3/BB, had raised funds via bond sales during the pandemic to shore up liquidity, like many others in sectors that were badly hit. Government support and gradual re-openings have helped its bonds rally, with its 8.375% bonds due 2025 issued last June at 100 now trading over 110 currently. Its older bonds too have staged an impressive rally of 20-30 points since last August with its 4.375% 2023s and 4.5% 2034s up 22 and 27 points to currently trade at 98.6 and 83.5 cents on the dollar respectively. Macy’s is set to report Q4 and full year earnings on Tuesday.

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