Intelsat posts third session of gains; Valeant ‘marginally’ better; Neiman rally rolls on

By Colin Hanner

Chicago, March 1 – The distressed market’s storyline on Tuesday largely continued on Wednesday, as the most active list gravitated toward Intelsat SA for the third-straight session, traders said, which were abandoning distressed territory and nearing closer to par levels.

Intelsat Jackson Holdings SA built on gains it had seen the past few sessions off news of a merger between the Luxembourg-based telecommunications satellite company and OneWeb, LLC.

One of its issues were the “busiest bonds in our universe,” one sellside trader said.

After dropping in several of its issues on Tuesday, Valeant Pharmaceuticals International, Inc. rebounded to post gains in two sets of its distressed issues, a trader said.

Another trader said the moves were marginal at best.

Franklin, Tenn.-based Community Health Systems, Inc. was up markedly on the session, a trader said, following the movement of fellow hospital groups, as well as remarks President Trump made about health care in a joint session speech to Congress on Tuesday night.

One of retailer Neiman Marcus Group, Inc.’s bonds was up a few round numbers on the session, building on a winning streak it has seen in the past week.

“Neiman keeps grinding higher, especially with what markets are doing today,” a trader said. For the first time, the Dow Jones Industrial Average surged past 21,000, and stocks were up across the board on an expectant interest rate hike and solidified optimism in an economy with President Trump at the helm.

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