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 Macy's Inc. said Tuesday it is planning to issue $500 million of 8-year bonds, joining the many companies raising capital during the pandemic. The proceeds will be used together with cash on hand to fund a tender offer and for general corporate purposes, which may include repaying debt. Companies have been raising capital at record levels in recent months. On Monday, roughly a dozen companies, including beauty and fragrance giant Estée Lauder Cos. and Keurig Dr Pepper Inc. , announced bond deals, as Treasury yields took a breather from their recent sharp rise. Macy's shares were up 0.7% premarket and have gained 18% in the last 12 months, while the S&P 500 has gained 26%.
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