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Wells Fargo brought to market a $21 million piece of R.H. Macy bank debt on March 20--at a strike price of 70 cents on the dollar--but pulled the debt off the block when it didn't receive a bid it liked, sources said. "Nobody's going to buy north of 70," said a bidder. "Those (recent earnings) numbers were too ugly." Bids have been closer to 65-68, the bidder added. A trader suggested that the documentation process for the deal was prohibitively onerous.
