by Amruth Sundarkumar | Apr 6, 2022 | Credit Ratings, High Yield Bonds
Macy’s issuer rating was affirmed at Ba1, but its secured bonds were downgraded to Ba2 from Baa3 by Moody’s. This comes on the back of “governance considerations”, the rating agency said. Macy’s Retail Holding’s completed an offer...
by Amruth Sundarkumar | Mar 1, 2022 | Corporates, Credit Ratings
US department store Macy’s was upgraded to BB from BB- by S&P. Its second-lien debt was upped to BBB- from BB+ and on its unsecured notes to BB from BB-. Macy’s reported strong operating results and reduced leverage during its Q4 update. Adjusted...
by bondevalue | Mar 3, 2021 | High Yield Bonds
American retailer Macy’s raised $500mn via an 8Y non-call 3Y (8NC3) junk-rated bond priced on Tuesday at par to yield 5.875%, 37.5bp inside the wide-end of initial guidance of 6.00-6.25%. The bonds, maturing in April 2029, have an expected rating of B/BB....
by bondevalue | Feb 24, 2021 | High Yield Bonds
American retailer Macy’s swung to its first quarterly profit in a year and beat expectations. They reported revenues at $6.78bn for the quarter ending Jan 2021 vs expectations of $6.5bn, though it was lower than $8.34bn a year ago. Net income fell to $160mn vs $340mn...
by bondevalue | Feb 22, 2021 | High Yield Bonds
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...
