Valeant existing bonds slide more, new paper up; energy still weak but drillers rebounding

By Paul Deckelman

New York, March 13 – The new week opened in the distressed-debt world on Monday featuring many of the same names that had dominating the proceedings last week.

Traders saw continued active dealings in the big new two-part offering from Canadian drugmaker Valeant Pharmaceuticals International Inc., with those bonds again firming in aftermarket dealings.

However, Valeant’s existing paper remained on the slide, pushed lower in the wake of the new deal and on investor fears about possible changes in healthcare laws in the United States, particularly as it relates to the pharmaceutical sector.

Energy issues such as California Resources Corp. and EP Energy Corp. also remained lower, in line with yet another decline in world crude oil prices Monday, albeit that oil price easing was considerably smaller than some of the downturns in the commodities markets seen last week.

However, not everything in the energy patch was down; traders saw better levels on such oil-drilling names as Noble Energy Inc. and Transocean Ltd.

Elsewhere, communications satellite company Intelsat SA’s paper was a mixed bag on Monday, with some issues seen gaining altitude, but others across its capital structure losing ground.

Retailer Neiman Marcus Group, Inc.’s lately weakened paper was seen rebounding.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.