The situation at Saks Global, one of the most venerable names in American retail, continues to deteriorate. To “level set,” as the consultants like to say, the price of Saks Global’s $2.2 billion of senior secured bonds, due 2029, is now around 47 cents on the dollar, yielding 34.5 percent. Bond prices fluctuate all the time, of course. But it’s striking for a bond to have fallen in price by half in about five months, and to be yielding more than 30 percent. That is often a leading indicator of trouble with a capital T. Meanwhile, Saks is facing its first interest payment, of $121 million, on the bonds at the end of June—a payment that the market is wondering if the company will make. I’ve spent four decades working on and covering Wall Street, and this is a wowza situation. My bet is they’ll make that interest payment—because honestly, they have to—but it’s going to be dicey, nonetheless, and they may end up regretting it.