Community Health off; energy mixed despite crude surge; Frontier leads telecom retreat

By Paul Deckelman

New York, Dec. 7 – Traders in distressed debt and in the bonds of otherwise underperforming companies and industry sectors said that Thursday’s market, as had been the case on Wednesday, was mostly quiet, with investor attention in the broader high-yield bond world mostly focused on new or recently priced issues.

Among specific names, hospital operator Community Health Systems, Inc.’s paper was seen both busy and getting battered around, although traders had seen no firm news out on the company or the industry.

Peer Tenet Healthcare Corp., though, was not affected.

Energy issues were mixed on the day, even though world crude oil prices were rebounding solidly from Wednesday’s slide. Sector bellwether credit California Resources Corp. was down while such peers as Denbury Resources Inc. and Jones Energy Holdings, LLC were on the upside.

Telecommunications provider Frontier Communications Corp. remained weak as did Windstream Services and Intelsat Luxembourg SA. But Altice NV’s assorted issues gained.

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