New, existing Valeant bonds busy, better; Cal Res, other oils higher; Intelsat bonds drop

By Paul Deckelman

New York, Dec. 5 – Traders in distressed debt and the bonds of otherwise underperforming companies or sectors said that activity in their market was restrained on Tuesday, taking a back seat to the veritable flood of new issuance in the broader high-yield bond market.

But one name that did stand out was that of debt-laden Canadian drug manufacturer Valeant Pharmaceuticals International, Inc.

Its huge new offering of eight-year notes, which had priced on Monday, was easily the most active issue of the day in the junk precincts, trading twice as much as the next closest credit.

And the company’s existing notes were also among the day’s Most Active issues and were seen higher on the session pretty much across the board.

Elsewhere, traders saw continued strength in California Resources Corp.’s energy sector benchmark issue and other oil and natural gas exploration and production companies such as EP Energy Corp.

The recently often underperforming communications sector was better, including names like Windstream Services and Altice NV.

But communications satellite operator Intelsat SA’s bonds were seen losing altitude.

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