L Brands bonds active after analyst comments; Teva Pharmaceutical notes edge higher

By James McCandless

San Antonio, Oct. 18 – The distressed space saw significant activity in the retail and pharma sectors, perpetuating a weeklong trend.

L Brands, Inc.’s notes diverged after an analyst slashed the target stock price, citing industry weakness ahead of the holiday season.

The 6¾% senior notes due 2036 fell ½ point to close at 84 bid. The 5¼% senior notes due 2028 improved by 1 point to close at 93½ bid.

On Friday, the Columbus, Ohio-based retailer’s structure saw some pressure after a Credit Suisse analyst cut the price target of its common stock to $14.00 from $20.00, citing continued industry weakness in the run-up to the holiday shopping season.

The company has received increased scrutiny amid continual weakness quarter by quarter, most notably in its Victoria’s Secret brand.

Meanwhile, in pharma, Teva Pharmaceutical Industries Ltd.’s paper moved higher in a week of shifting news concerning opioid settlements.

The 3.15% senior notes due 2026 gained ½ point to close at 74 bid. The 2.8% senior notes due 2023 improved by ¾ point to close at 85½ bid.

This week, the ground shifted numerous times for the Petach Tikva, Israel-based generic drug producer and others in the space as several companies in the space work toward coming to settlements for any opioid-related litigation.

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