Frontier leads with slight gain; Valeant ‘wildly active’; Intelsat improves; Concordia up

By Colin Hanner

Chicago, May 10 – Activity in the distressed debt market saw movement circled around names of sessions past on Wednesday, a market source said, with Frontier Communications Corp. leading the volume in the secondary market.

Valeant Pharmaceuticals International, Inc. was “wildly active” following the release of its first quarter earnings on Tuesday and was up another several points across numerous issues, a trader said.

With an exchange deadline set for midnight ET on Wednesday, Intelsat SA’s subsidiary bonds pared losses from the previous session.

Earnings from Concordia International Corp. caused an uptick in its bonds on Wednesday, as its equities dropped by nearly one-third.

In the exploration and production sphere, crude oil futures rebounded off Energy Information Administration figures that showed U.S. crude inventories falling several million barrels.

California Resources Corp. and Ensco plc were higher because of the movement.

Talen Energy Corp. had several issues that remained in the mix ahead of its earnings, and Hertz Global Holdings Inc. rebounded after falling to its quarterly earnings on Tuesday.

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