Intelsat continues to gain, hospital issues still struggle; NuVasive converts trade off

By Paul Deckelman

New York, July 28 – Traders in the bonds of distressed or underperforming companies saw something of mixed bag in Friday’s dealings, mirroring a generally mixed session in the larger junk bond market.

On the upside, traders saw continued advances in Intelsat SA notes, which have gained altitude over the past several sessions after the satellite communications company posted better-than-expected results.

Hospital names such as HCA Inc. and Tenet Healthcare Corp. continued to struggle, even with uncertainty about healthcare policy in the United States apparently resolved – at least for now.

Goodyear Tire & Rubber Co.’s bonds were seen on the downside after the giant tire manufacturer reduced its fiscal 2017 earnings guidance.

Traders saw Park Aerospace Holdings Ltd.’s bonds lower in active dealings.

They said bonds of energy issues such as California Resources Corp. and Noble Energy were seen mixed, despite a fifth straight session of higher crude oil prices.

In the convertibles market, NuVasive Inc.’s convertibles skidded lower on an outright basis – although they expanded on swap – after the medical device maker reported mixed quarterly results and news that two top managers are leaving the company.

© 2015 Prospect News.
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