LB - L Brands: Up To 10% Yield On Offer In The Credit

With little sign of a turnaround at L Brands (LB), I do not see the equity as a compelling trade at current levels. Bonds within the LB structure, on the other hand, offer a good yield, especially following the under-performance year-to-date. With Bath & Body Works helping to offset declines at Victoria's Secret, I feel the company is well-equipped to support the existing capital structure. LB also has sufficient liquidity on hand to withstand a prolonged period of COVID-19 disruption, which should offer credit investors additional comfort. Within the structure, the 2027 and