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L Brands lower on earnings anticipation; Endo International notes continue to rise
By James McCandless
San Antonio, Aug. 21 – Trading in the distressed debt market on Wednesday focused on many of the names recently in play.
L Brands, Inc.’s notes traded lower in anticipation of the company’s release of its second-quarter earnings report.
The 6¾% senior notes due 2036 dipped ½ point to close at 87 bid. The 5¼% notes due 2028 lost ¼ point to close at 91¾ bid.
Sector peer J.C. Penney Co., Inc.’s issues moved in varied directions.
Meanwhile, pharma name Endo International plc’s paper continued to rise off of Tuesday’s news that it had reached a settlement in opioid lawsuits.
The 6% senior paper due 2023 improved by ¼ point to close at 67½ bid.
Generics producer Teva Pharmaceutical Industries Ltd.’s notes were also positive.
The 2.8% senior notes due 2023 gained 2 points to close at 85 bid. The 3.15% notes due 2026 added 1¾ points to close at 75½ bid.
Oil futures diverged, mirrored by Whiting Petroleum Corp.’s issues as Valaris plc and Diamond Offshore Drilling, Inc.’s paper improved.
Utilities name PG&E Corp.’s notes saw a partial recovery of the last few day’s losses.
The 6.05% notes due 2034 gained 1½ points to close at 110 bid.
Over the last two trading days, the notes dropped 2¾ points.
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