Victoria’s Secret Notes Break Below 80 Amid Selloff in Retailers

Victoria’s Secret 4.625% senior unsecured notes maturing in 2029 fall as much as 2.25 cents on the dollar to 78.25 cents, setting a new intraday record low as investors ditched stocks and bonds tied to apparel and retailers. Shares of the lingerie merchant tumbled as much as 12%.

The sector has been hit hard by downbeat earnings and forecasts by store owners and apparel companies, with equities in the S&P Supercomposite Apparel Retail Index down as much as 4.6% for the day.

• The decline for the notes, which are less than a year old, pushed the yield to 8.5%
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