MIK 7.875 05/01/2029 & MIK 5.25 05/01/2028

The Michaels Companies Inc

Credit, Consumer


Publicly traded companies mentioned herein: N/A

Highlights

The presenter is long the 5.25% secured bonds due 2028 and the 7.875% unsecured bonds due 2029 issued by Michaels Companies, citing MSD% traffic growth in recent months, credit card data suggesting Q2’24 SSS above consensus, share gains from Jo-Ann Stores in the medium term, and the belief that the bonds have been overly punished from the increasing tariff risk and the departure of CFO Michael Diamond. 

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Idea Discussion

Commentor 1 - 2 weeks ago

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