Valeant bleeding continues on down session; Community Health loses amid healthcare debate; Intelsat lower

By Colin Hanner

Chicago, March 21 – As equity markets tumbled into a freefall on Tuesday, the high-yield secondary space traded mixed on the session, with the most-active issues coming from Valeant Pharmaceuticals International Inc., which continued to leak after several sessions of similar declines.

“Everything was weak today following equity markets,” a trader said of the high-yield arena in general. Stocks had their worst day of the year amid a series of impending policy decisions by the Trump administration.

Market sentiment, along with the continuing declines of some issues, paired for some steeper gains on the session, a trader said.

“There was a little more activity today,” the trader said. “[Monday] was definitely sleepy.”

Hospitals were mixed on a day that brought President Trump before Congress to bolster support for the American Health Care Act, which goes to a vote on Thursday in effort to supplant the current healthcare act, though Community Health Systems Inc. was down on the session.

Intelsat SA’s subsidiaries were overall lower on the day, traders said, following a mix on movement on Monday, exploration and production companies were generally lower as oil prices moved down and Neiman Marcus Group, Inc. was up after being sideways a session prior.

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