Intelsat sees softer gains; Community Health rises; pharmaceuticals down; Peabody up

By Colin Hanner

Chicago, Jan. 31 – New issuance in the high-yield market took the show for most active issues on Tuesday, traders said, though some pharmaceutical companies saw some definitive downward movement in the distressed market, and one telecommunications satellite company continued its rising trek.

Intelsat Jackson Holdings SA built on gains it had made in three previous sessions and saw increases in two separate series of notes, traders said.

“Everything in the cap structure has been moving up for the past couple of days now,” one of the traders said.

Healthcare and pharmaceutical names saw movement in either direction for different reasons of their own.

Community Health Systems, Inc. played a different tune on the session and were up due to the contagion of positive fourth quarter results for another hospital group, a trader said.

Two pharmaceutical companies – Valeant Pharmaceuticals International, Inc. and Concordia International Corp. – were both down on the day. Two large pharmaceutical companies released quarterly figures before the session, and President Trump met with executives from pharmaceutical companies to discuss price gouging in the industry and the rollback of regulations in the industry, among other topics.

Peabody Energy Corp. continued to trade with low volume, as has been the pattern for the past two sessions, but traded up a few more points in its unsecured securities, a trader said.

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