Macy’s little changed; Michaels lower; Altice turns positive, subsidiary CSC declines

By Cristal Cody

Tupelo, Miss., April 2 – Macy’s, Inc.’s plan to close 150 of its stores as it faces a takeover offer have done little to budge its bonds, which remained firmly out of the distressed space Tuesday.

“Not much has traded in Macy’s today,” a source said. “Their bonds are yielding like 6½% [but] they have a lot of debt.”

Macy’s Retail Holdings Inc.’s 4½% senior notes due 2034 (Ba2/BB+) fell ½ point Tuesday to an 87 bid handle on $2 million of activity.

Michaels Cos, Inc. paper was mixed but mostly softer on light trading of around $4 million after the notes rallied in the prior week in heavy supply following a positive earnings report.

“They aren’t going anywhere,” a trader said. “The bonds are down 1/8 point. Not much is trading.”

Michaels’ 7 7/8% senior notes due 2029 (Caa2/CCC-) went out at 75 5/8 bid.

Meanwhile, Altice France Holding Restricted Group bonds had some relief from the relentless drive lower in massive secondary action in the prior week and on Monday, a source said.

Altice France Holding SA’s 10½% senior notes due 2027 (Ca/CCC-) rallied over 2 points to 38½ bid on $13 million of secondary action.

Altice USA, Inc. subsidiary CSC Holdings, LLC’s 5¾% senior notes due 2030 (Caa2/CCC) dropped 2¼ points to 50¼ bid on $7 million of volume.

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