May Dept Stores spreads widen on takeover news


Bondholders have voiced their concerns about the June announcement by May Department Stores of its purchase price for Marshall Field’s. When May announced that it would acquire Marshall Field’s department stores group for $3.2 billion—a sum that many market participants expected to be nearer $2 billion—bondholders quickly bid down the price of May’s debt.

At the beginning of June, yield margins on May’s 6.90% paper due 2032 were trading as tight as 125 basis points over Treasuries, according to

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