New Valeant bonds again busy, Claire’s climbs on results; Tronox tumbles; oil names slide

By Paul Deckelman

New York, Dec. 6 – Traders in distressed debt and the bonds of otherwise underperforming companies or sectors said that activity in their market remained relatively quiet on Wednesday for a second straight session, as trading in new issues continued to dominate the broader high-yield bond market.

Stressed Canadian drug manufacturer Valeant Pharmaceuticals International, Inc.’s big new offering of eight-year notes remained among the Most Actives.

Away from the new deals, traders saw Claire’s Stores, Inc.’s bonds firm smartly after the specialty retailer reported favorable fiscal third-quarter results.

On the downside, chemical maker Tronox Ltd.’s bonds were battered as the Federal Trade Commission moved to challenge its planned acquisition of fellow titanium dioxide producer Cristal.

Energy names such as California Resources Corp. and EP Energy Corp. fell sharply, in line with a steep slide in world crude oil prices.

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