Energy deals move up along with crude; Valeant paper pops; Community Health notes rebound

By Paul Deckelman

New York, Dec. 8 – For what seemed to be the umpteenth time this week, traders in distressed debt and in the bonds of otherwise underperforming companies and industry sectors said that Friday’s market was mostly quiet, with investor attention in the broader high-yield bond world mostly focused on new or recently priced issues.

Traders saw firmer levels on energy credits like California Resources Corp., Jones Energy Holdings LLC and Denbury Resources Inc., in line with a second straight day of firmer crude oil prices.

Valeant Pharmaceuticals International, Inc.’s recently priced new deal was seen up solidly and the drug manufacturer’s existing issues were also firmer.

Also in the healthcare space, hospital operator Community Health Systems, Inc.’s notes were mostly better after having been universally lower on Thursday.

And recently pressured wireline telecommunications names like Frontier Communications Corp. were mixed on the session.

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