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L Brands notes dip on holiday sales weakness; Tenneco better amid activist pressure
By James McCandless
San Antonio, Jan. 9 – Retailers continued to hold the focus of the distressed debt market as holiday sales were revealed.
L Brands, Inc.’s notes dipped after the company released its holiday season sales data, showing weakness.
The 6¾% senior notes due 2036 shaved off ½ point to close at 90 bid. The 6 7/8% senior notes due 2035 lost ¾ point to close at 90½ bid.
Early Thursday morning, the Columbus, Ohio-based retail name released its 2019 holiday sales guidance and cut its guidance for the coming year.
The company reported sales ending Jan. 4 of about $3.9 billion, down from the previous year.
Comparable store sales fell 3% overall while Victoria’s Secret same-store sales dropped 12%.
“A lot of traditional retailers reported similar results today,” a trader said. “So the sector continues to be anemic.”
Elsewhere, auto parts maker Tenneco Inc.’s paper saw better movement as an activist investor pushes the company to complete asset sales.
The 5% senior paper due 2026 gained ¼ point to close at 90¼ bid.
The Lake Forest, Ill.-based auto parts maker’s paper saw a small recovery from Wednesday’s negativity, which was sparked after announcing the departure of co-CEO Roger Wood and a warning of continuing weakness in the face of attempting to sell off its powertrain unit.
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