Investor Weariness Causes Adelphia To Yo-Yo And Wyndham to Fall

  • 30 May 2002
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Adelphia Communications is still winning attention from investors in the loan market this week with both par and distressed desks taking a look at the name. Small pieces of the Century Cable facility were said to have traded in the 88-89 region. Bigger banks pressured by their credit committees to reduce exposure are supplying the paper, one trader said. After a bank call earlier this week, bids for the paper sunk once again into the mid-80s. Many market players believe that at the end of the day it's a par name, but, as one dealer noted, "who knows if this company falls into Chapter 11." The company's spokeswoman declined to comment.

A small piece of Wyndham International's "B" term loan traded in the 95 range on Tuesday, according to dealers, but some quoted the paper as low as 92-94. The paper had been offered in the 95-95 1/2 range last week but had dropped from the 97 1/2 ­ 98 1/2 range on doubts surrounding the completion of the company's bond deal that has been slated to pay down 10-15% of the paper and all of the name's increasing rate loan. No trades were reported on the IRLs. Rick Smith, cfo of Wyndham, could not be reached by press time.

  • 30 May 2002

New! GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,171 21 10.72
2 Bank of America Merrill Lynch (BAML) 6,901 20 10.32
3 JP Morgan 4,776 10 7.14
4 Credit Suisse 4,718 9 7.05
5 Lloyds Bank 4,420 14 6.61

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Oct 2016
1 Wells Fargo Securities 68,611.22 170 11.38%
2 Bank of America Merrill Lynch 59,056.08 169 9.80%
3 JPMorgan 56,861.85 163 9.43%
4 Citi 56,521.05 165 9.38%
5 Credit Suisse 44,888.95 123 7.45%