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L Brands bonds lower after analyst downgrade; Endo paper declines in pharma space
By James McCandless
San Antonio, Aug. 23 – The distressed debt market finished the week with much of the same trading patterns that permeated through the week.
L Brands, Inc.’s notes traded lower after an analyst downgrade in response to its second-quarter earnings report.
The 6¾% senior notes due 2036 dropped 2¼ points to close at 84¼ bid. The 5¼% senior notes due 2028 shaved off ¾ point to close at 91 bid.
On Friday, analysts at RBC downgraded the Columbus, Ohio-based retail name to sector perform from outperform.
The analysts cited their concern over growing inventories in the company’s Victoria’s Secret division combined with the company’s plan to have fewer promotions during the holiday shopping season.
Sector peer Bed Bath & Beyond Inc.’s traded mixed, depending on the tranche.
Pharma name Endo International plc’s paper declined after a week of heightened attention over an opioid lawsuit settlement.
The 6% senior notes due 2023 declined by 1¾ points to close at 66¼ bid.
Oil futures fell amid trade tensions. And Whiting Petroleum Corp.’s, Oasis Petroleum Inc.’s and Chesapeake Energy Corp.’s notes all weakened.
Meanwhile, in utilities, PG&E Corp.’s notes were active but unchanged.
The 6.05% notes due 2034 held level at 108¼ bid.
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