請教一下各位前輩 手上持有Macy 577778BK8 的債券 最近收到Tender Offer 研究之後還是霧煞煞 網路上找到的: http://bit.ly/2njTAAN 最下面是我收到的offer內容擷取 閱讀起來我的理解是 1.用美國2027到期的2.25%公債價格+400bps+30美金提前收購溢價 假設公債價格 $100 所以收購價約 $100+$4+$3= $107而已嗎? 所以不像 make whole call 會支付到2030前的一堆應付利息? 2.目前債券價格約 $112 --> 所以不要參加這次的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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