Kmart's $2 billion debtor-in-possession facility jumped into the market this week as $25-35 million traded in the 101 3/4 to 101 1/4 range. Dealers said J.P. Morgan was selling and that both dealers and institutional players were among the buyers. A J.P. Morgan spokesman declined to comment. One trader attributed the popularity of the paper to the asset-backed nature and attractive coupon on the deal. "It's a no brainer," he said. J.P. Morgan, Fleet Retail Finance, Credit Suisse First Bostonand General Electric Capital Corp. led the deal, which includes a $200 million institutional piece. The name's original $1.5 billion credit facility took a back seat to its younger cousin. Dealers said the name scarcely traded in the mid-60s. Calls to John McDonald, executive v.p. and cfo of Kmart, were referred to a spokesman did not return calls by press time.
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|Rank||Lead Manager/Arranger||Share % by Volume|
|5||Natwest Markets (RBS)||7.15|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|1||Bank of America Merrill Lynch||18,561.02||56||11.69%|
|2||Wells Fargo Securities||18,160.90||57||11.44%|