(defun wrap-1 (form)
  ``(bar ,,form))

(defun wrap-2 (form)
  `(macrolet ((foo (macro-arg)
                `(bar ,macro-arg)))
     ,form))
;; (MACROLET ((FOO (MACRO-ARG)
;;              `(BAR ,MACRO-ARG)))
;;   SOME-FORM)

(defun wrap-3 (form)
  `(macrolet ((foo (macro-arg)
                ,(wrap-1 'macro-arg)))
     ,form))
;; (MACROLET ((FOO (MACRO-ARG)
;;              `(BAR ,MACRO-ARG)))
;;   SOME-FORM)