请教一下各位前辈 手上持有Macy 577778BK8 的债券 最近收到Tender Offer 研究之後还是雾煞煞 网路上找到的: http://bit.ly/2njTAAN 最下面是我收到的offer内容撷取 阅读起来我的理解是 1.用美国2027到期的2.25%公债价格+400bps+30美金提前收购溢价 假设公债价格 $100 所以收购价约 $100+$4+$3= $107而已吗? 所以不像 make whole call 会支付到2030前的一堆应付利息? 2.目前债券价格约 $112 --> 所以不要参加这次的offer The Total Tender Offer Consideration for each $1,000 principal amount of the 7.875% Senior Debentures due 2030 accepted for tender will be determined on the Price Determination Date (currently 11:00 a.m., New York City time, on December 11, 2017, unless extended) using a fixed-spread pricing format that is linked to the bid-side price of the 2.25% U.S. Treasury Reference Security due November 15, 2027, as calculated in accordance with standard market practice, plus a fixed spread of 400 basis points. Holders that tender their Debentures after the Early Tender Deadline and before the Expiration Date of the Offer will receive the Total Tender Offer Consideration minus the Early Tender Premium. In either case, Holders whose Debentures are accepted for purchase will receive accrued and unpaid interest from the last interest payment date to, but not including, the applicable Settlement Date. --

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