Deals
Macy’s 'Change-of-Control' Bonds Fall as Takeover Terms Become Less Clear
- ‘Change-of-control’ clause tempts with promise of 101% payout
- Analysts say company could avoid triggering that covenant
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Investors have been buying the rumor when it comes to Macy’s Inc., bidding up its bonds that would benefit from a takeover after reports of a possible sale surfaced early this month.
But not so fast, say analysts at CreditSights Inc.