Community Health gains continue; energy issues easier despite crude rise; iHeart paper lower

By Paul Deckelman

New York, Jan. 12 – Traders in distressed debt and the bonds and notes of otherwise underperforming companies and sectors saw a less busy day on Friday, in line with a fall off in volume in the overall larger high-yield bond market.

For a second straight session, hospital operator Community Health Systems Inc.’s bonds were firmer, extending the momentum generated on Thursday, then those bonds had moved up by multiple points, helped by a surge in the company’s shares after its biggest investor increased its equity holdings.

In the energy sphere, traders saw some profit-taking off recent gains, leading to slightly lower prices on such names as California Resources Corp., Noble Holding International Ltd., MEG Energy Corp. and Transocean Ltd.

Elsewhere, traders saw easier levels on iHeartCommunications paper.

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