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Valeant pressured as 10-K filed; First Quantum rises on earnings beat; AK Steel bonds slip
By Stephanie N. Rotondo
Seattle, April 29 – Distressed bonds were getting pushed around by another round of earnings in month-end trading.
Valeant Pharmaceuticals International Inc. also released its long-awaited annual report on Friday. The report showed that more restatements of previous earnings from 2014 and 2015 needed to be done.
Those bonds were also trading down for the day.
A trader said the 5 7/8% notes due 2023 dropped 2 points to 84, as the 7 3/8% notes due 2023 dipped a point to par 7/8.
The 6¾% notes due 2018 weakened a point to 96¾, the trader said.
In other earnings news, First Quantum Minerals Ltd. reported a loss for its first quarter. However, the mining company also said revenue improved year over year. The revenue gain beat estimates, which helped push the bonds up in Friday trading.
A trader said the 6¾% notes due 2020 added “almost 5 points” to close at 83¼. Another trader said the debt was up as much as 7 to 8 points, trading into the low-80s.
Away from earnings news, AK Steel Holdings Corp. bonds were losing ground Friday in the wake of a 52 million-common stock sale.
The equity offering priced early in the day. Proceeds will be used to repay borrowings.
A trader said that while the name had been “on a nice little run,” the bonds came off of the highs.
He called the 7 5/8% notes due 2020 down 3½ points at 85.
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