Elanco varies after animal health buyout news; oil names trend positive; PG&E rises

By James McCandless

San Antonio, Aug. 21 – The high-yield secondary market skewed positive for much of the Wednesday session, while the high-yield primary continued its moratorium on new paper issuance.

Elanco Animal Health Inc.’s notes varied in direction after news broke of its purchase of Bayer AG’s animal health unit.

Oil futures diverged, mirrored by Whiting Petroleum Corp.’s issues as Valaris plc and Diamond Offshore Drilling, Inc.’s paper improved.

Meanwhile, pharma name Endo International plc’s notes continued to rise based on Tuesday’s news that it had reached a lawsuit settlement.

PG&E Corp.’s issues saw a partial recovery after the last few day’s losses.

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