L Brands bonds active, mixed after earnings report; CBL eyed after delisting notice

By James McCandless

San Antonio, Aug. 22 – While volume was soft on Thursday, distressed debt trading was focused on news-driven names.

L Brands, Inc.’s notes diverged in direction after the company released its second-quarter earnings report.

The 6¾% senior notes due 2036 fell ½ point to close at 86½ bid. The 5¼% notes due 2028, while moving up to 93¼ bid during the day, closed level at 91¾ bid.

Sector peer Bed Bath & Beyond Inc.’s issues strengthened in trading.

In the REIT space, CBL & Associates Properties, Inc.’s paper was mixed after it received a delisting notice.

The 5¼% senior notes due 2023 rose ¼ point to close at 64¼ bid. The 4.6% paper due 2024 dipped ½ point to end at 64¼ bid.

The Chattanooga, Tenn.-based real estate investment trust announced on Wednesday that it had received a delisting notice for its common stock from the New York Stock Exchange.

The company said that it plans to put a stock split to a shareholder vote at its next annual meeting.

While oil futures declined, Whiting Petroleum Corp.’s and California Resources Corp.’s notes showed varied movements as Valaris plc’s issues improved.

In the pharma space, Endo International plc’s paper also saw differing movements while Teva Pharmaceutical Industries Ltd.’s notes dipped.

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