Valeant most active in quiet distressed land; idiosyncratic names move in both directions

By Colin Hanner

Chicago, Dec. 19 – The distressed arena saw no substantial uptick in activity on Monday from the previous session, several traders said, and activity of any sort was low in volume.

“There weren’t too many things trading with any kind of volume,” a trader said.

“It’s kind of a typical Monday,” another trader said, adding that the most-actively traded distressed name was one of Valeant Pharmaceuticals International Inc.’s distressed notes, which saw eight total trades.

Mixed movement characterized the Canadian pharmaceutical company during the session.

The 5 5/8% notes due 2021 were up ¼ point to 77 on eight total trades, the highest of the day, a trader said. The 6 1/8% notes due 2025 were down ¼ point to 77 on a “half-dozen trades.”

Its 6 3/8% notes due 2020, which were up 1/8 point to 84¾.

Headlines from fellow pharmaceutical company Concordia International Corp., as well as gaming and entertainment company Caesars Entertainment Corp., creeped into the news, though there was not much activity from either, traders said.

Though falling for different reasons, iHeartMedia, Inc. and Peabody Energy Corp. continued to weaken on Monday, the first possibly falling to a ruling with the International Swaps & Derivatives Association, the latter perhaps mirroring the spot prices for coal.

“Hopefully it doesn’t do this all week, though it looks like we’re in for a snoozer,” a trader said, referring to the quietness in the market with the upcoming holidays.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.