Endo notes mixed on more missed bond payments; Bausch paper improves; Community Health up

By Cristal Cody

Tupelo, Miss., July 15 – Endo International plc’s paper traded mostly higher in thin secondary action Friday following the company’s announcement of two more missed bond interest payments.

The unsecured notes were ¼ point higher, while the secured paper traded flat to 1 point higher.

Another pharmaceutical name saw an upturn over the session.

Bausch Health Cos. Inc.’s bonds climbed about 2¾ points to more than 5 points on more than $14 million of secondary volume after treading lower over most of the week, a source said.

“The market was down over the week, and today it moved up, up, up,” a source said. “Some names traded up 2 points.”

After swimming in red most of the week, stocks turned positive Friday with the S&P 500 index up 1.92% and the Nasdaq 1.79% better by the close.

The iShares iBoxx High Yield Corporate Bond ETF climbed 1.27%, or 95 cents, to $75.50.

Market volatility also receded with the CBOE Volatility Index down 8.22% at 24.23 by late afternoon.

Overall distressed trading action was light Friday with Bausch one of the more active names, sources said.

In the distressed health care space, Community Health Systems Inc.’s 6 1/8% senior secured notes due 2030 (Caa2/CCC) climbed about 1¼ points by the close but ended the week mostly unchanged in thin trading.

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