Intelsat wraps up week on decline; Neiman down after Lazard hire; Valeant mixed post-sale

By Colin Hanner

Chicago, March 3 – Trading in the distressed market on Friday saw the end of activity that lasted a full week for satellite telecommunications company Intelsat SA, traders said, as well as a steep decline for a notable distressed retailer that had been posting consistent gains in recent sessions.

New issues in the high-yield space continued to take up a bulk of attention on the session, traders added.

After news broke Monday of a possible merger with OneWeb LLC, which was confirmed on Tuesday morning, Intelsat traded up substantially across its subsidiaries on the week but traders sensed a bit of a slowdown on Friday.

“Everything started to get weaker last night,” a trader said, referring to Intelsat’s overnight prints that carried over into weakened trading on Friday.

Nearly all issues were down, though a trader said most issues rebounded as the afternoon progressed from intraday lows.

Around mid-afternoon, Reuters broke a story surrounding Neiman Marcus Group, Inc., particularly the retailer’s decision to hire Lazard Ltd., an investment bank, to “explore ways to bolster its balance sheet as it seeks relief from $4.9 billion in debt,” the article said.

Neiman bonds reacted poorly to the news, with one of its issues trading down several points, parring gains it had made in the past two weeks.

Canadian pharmaceutical company Valeant Pharmaceuticals International, Inc. traded mixed in two issues, a trader said.

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