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Concordia down on earnings; Alliance, Valeant anticipate theirs; oil surge pushes prices
By Colin Hanner
Chicago, Nov. 7 – A rising tide lifts all boats, or that was the main story with high yield energy bonds in distressed debt-land on Monday, as oil prices surged for the first time in seven sessions and strengthening equities trickled over.
That wasn’t the case though for Concordia International Corp., which stuck out as the biggest decliner on the day due to the drugmaker announcing its third quarter results, spurring double-digit losses in some of its notes.
Concordia’s term loan dropped to 82 bid, 83½ offered from 88 bid, 89 offered.
For the quarter, Concordia reported a net loss of $75.1 million, or $1.47 per share.
Behind the upward movement in high yield was the Federal Bureau of Investigation’s decision not to proceed with criminal charges against Democratic presidential nominee Hillary Clinton with regards to a series of emails that were found within the past two weeks.
If the political news wasn’t enough to shock oil prices, there was Russia’s “on board” commitment with the Organization of Petroleum Exporting Countries’ plan to cut the supply glut in oil at the end of November.
West Texas Intermediate crude rose 88 cents, or 2%, to $44.95.
Awaiting Tuesday for reasons other than the election was Alliance One International, Inc., which was up ½ point to 84¾ in anticipation of its second-quarter earnings conference call, a market source said.
Valeant Pharmaceuticals International Inc. will also announce its third-quarter earnings on Tuesday.
A trader said the 5½% notes due 2023 were trading in the high-70s, “a smidge lower” than previous levels.
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