Intelsat ticks up on another quiet day; Peabody retreats wildly; Valeant, Neiman down

By Colin Hanner

Chicago, Jan. 27 – Traders pointed to the arrival of new issues in the regular high-yield as the focal point on Friday, but the distressed arena saw some activity, albeit lower than previous sessions in the week.

Luxembourg-based Intelsat Jackson Holdings SA, which has seen a reversal over the past few days with a turnaround toward solid increases, continued the pattern on Friday, led by two issues that saw upticks.

Valeant Pharmaceutical International, Inc. traded down marginally on the session, two days after rumors picked up about a potential asset sale.

After those issues, volume was “already getting thin,” a trader said.

St. Louis-based coal company Peabody Energy Corp. announced late Thursday that its disclosure statement for its plan of reorganization was approved by the U.S. Bankruptcy Court, and the company’s unsecured notes – though trading low in volume and not representative of the securities’ overall health, a trader said – touched some unheard of lows during trading.

Neiman Marcus Group, Inc. reverted to negative territory in one of its securities after a series of reversals throughout a tumultuous week for the retailer.

A series of iHeartCommunications, Inc. notes were up modestly on the day, Navios Maritime Holdings, Inc. saw a multi-point bump in two sets of securities and several one-off names rounded up an overall quiet day in the distressed market, traders said.

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