Get the money while it's cheap. Remember Tom Lee of JP Morgan said there would be a giant refi-boom in corporate debt? These unregistered notes are being offered privately to "qualified buyers" and $165 million to the Sears Pension Fund. I was browsing CMA Datavision's CDS market movers and saw that Sears Holdings was the top tightener. Sears 5Y CDS (tightened by 32% in basis points, credit quality improved) to 256bps. Look at all the Sears Roebuck Acceptance Corp bonds outstanding.
|Courtesy of CMA Datavision|