L Brands notes move up on earnings beat; United Airlines rises despite forecast

By James McCandless

San Antonio, Nov. 19 – Distressed debt trading focused again on retail and travel names on Thursday.

L Brands, Inc.’s notes finished the day moving up after the company reported better-than-expected numbers for the third quarter.

The 6¾% senior notes due 2036 garnered 2 points to close at 106¾ bid. The 5¼% senior notes due 2028 improved by 1¼ points to close at 103 bid.

After the close on Wednesday, the Columbus, Ohio-based specialty store company released its results for the third quarter.

L Brands reported earnings per share of $1.13, far outpacing the 6 cents per share profit that analysts had expected.

Revenues were also higher than predicted at $3.06 billion.

Meanwhile, air carrier United Airlines Holdings, Inc.’s paper rose despite issuing a grim short-term forecast.

The 5% senior notes due 2024 grabbed 1½ points to close at 97¾ bid. The 4¼% senior notes due 2022 improved by ½ point to close at 99 bid.

The Chicago-based airline’s structure was lifted despite issuing a warning of worse-than-projected flight capacity for the current quarter.

In a filing with the Securities and Exchange Commission, the company said that flight cancellations have been rising through the week of Nov. 18.

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