L Brands up after tender offer ends; PG&E gains as safety inspection finishes

By James McCandless

San Antonio, June 20 – The distressed space spent much of Thursday in a holding pattern with a focus on Tuesday’s targets.

L Brands, Inc.’s notes were seen moving up after the company announced the results of a tender offer for four series of notes.

Sector peer PetSmart, Inc.’s issues declined.

Utilities name PG&E Corp.’s paper saw gains as the company completes a safety inspection on its infrastructure to mitigate wildfire risk.

Meanwhile, in telecom, Digicel Ltd.’s notes finished mixed as it works through a dispute over spectrum use in Antigua and Barbuda.

Frontier Communications Corp., another telecom name, saw its issues improve.

Pay-television name DISH Network Corp.’s paper was on the rise.

As tensions with Iran ramped up and the Federal Reserve signaled a rate cut, Ensco Rowan plc’s and Superior Energy Services, Inc.’s notes jumped up.

Financial services name Deutsche Bank AG’s issues continued to improve.

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