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L Brands notes gain after earnings release; WeWork securities lower on layoff news
By James McCandless
San Antonio, Nov. 21 – Thursday’s activity in the distressed debt space saw a shift in focus to retail and utilities tranches.
L Brands, Inc.’s notes gained after the company reported earnings, meeting overall expectations for the third quarter.
The 5¼% senior notes due 2028 added 1½ points to close at 92¾ bid. The 6 7/8% senior notes due 2035 rose 1¾ points to close at 86¾ bid.
After the Wednesday close, the Columbus, Ohio-based retailer released its lukewarm earnings results for the third quarter.
The company reported earnings of 2 cents per share, meeting analyst expectations.
Overall sales came in at about $2.67 billion, just shy of targets.
“The focus, as always, was how bad Victoria’s Secret did,” a trader said.
The company’s women’s wear segment had an 8% loss in sales.
“There’s a push to spin off Victoria’s Secret that’s getting louder every time these results come out,” the trader said.
Coworking name WeWork Cos. Inc.’s paper moved lower after news broke of nationwide layoffs.
The 7 7/8% senior notes due 2025 dipped 1¼ points to close at 71 bid.
On Thursday, news broke that the New York-based startup cut 2,400 jobs nationwide, representing almost 20% of its workforce.
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