Energy bonds slide with lower oil; SunEdison remains weak; Valeant, AK Steel better

By Paul Deckelman

New Yok, April 1 – Distressed debt was seen mixed on Friday amid a backdrop of mixed results in the larger high-yield bond market.

Traders saw a widespread pullback in such energy issues as Oasis Petroleum Inc., Whiting Petroleum Corp. and Continental Resources, Inc., as world crude oil prices went south on indications that Saudi Arabia will not freeze its crude output unless other major players do so as well.

Also in the energy sphere, SunEdison Inc. shares continued to drop, and its bonds and preferred shares remained at weak levels

On the upside, traders saw better levels in such normally underperforming names as AK Steel Holding Corp. and Intelsat Jackson Holdings SA

Another beleaguered name seen doing better was Valeant Pharmaceuticals International, Inc., just a day after a Moody’s Investors Service debt downgrade.

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