New Valeant bonds jump, existing issues continue retreat; Intelsat gains; energy still weak

By Paul Deckelman

New York, March 10 – Valeant Pharmaceuticals International Inc. remained the big name in the distressed debt market on Friday, traders said.

They saw both halves of the troubled Canadian drug manufacturer’s huge new deal trading very actively and well up from the levels at which that megadeal had priced on Thursday.

However, the company’s existing bonds were heading the other way, continuing the fall they had seen ever since the big new issue was announced several days ago.

Those bonds were also being buffeted by investor concerns over possible changes in the healthcare laws in the United States.

Elsewhere, communications satellite company Intelsat SA’s paper gained altitude across its capital structure.

Energy issues remained under some pressure as crude oil prices struggled this week. Sector bellwether California Resources Corp.’s benchmark issue again eased, although its losses were considerably smaller than earlier in the week.

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