Intelsat issues drop in active dealings; Cal Res, energy drillers up with crude prices

By Paul Deckelman

New York, Jan. 9 – Activity in distressed debt and the bonds and notes of otherwise underperforming companies picked up on Tuesday, traders said, in line with a generally busier atmosphere in the overall high-yield bond market spurred by the presence of several new deals.

Traders saw the various bonds in communications satellite company Intelsat SA’s capital structure lower, although they saw no news that might explain the move.

Most of the activity involved the somewhat better-rated paper of the company’s Intelsat Jackson Holdings SA division.

But one of the big losers on the day was the 2021 notes from Intelsat (Luxembourg) SA unit.

Elsewhere, energy names such as California Resources Corp. and driller Noble Holding International Ltd. gained in line with sharply higher oil prices.

So did other driller credits such as Ensco plc and Transocean Ltd.

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