The bank debt for Federal Mogul Corp., WR Grace & Co. and Owens Corning remains strong despite the weak bond market. These are equity plays and case-specific deals, a trader said. "Your upside/downside is not determined by the high-yield bond market," he added. W.R. Grace's pro rata tranche reached the 122-124 context. Fed Mogul's $1 billion revolver and $360 million "A" and $343 million "B" loans traded in the 93-94 context. Owens Corning bank debt traded around 107-109.
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Latest news by market and league table performance
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|3||Wells Fargo Securities||30,371.96||86||8.61%|
|4||Bank of America Merrill Lynch||27,582.56||87||7.82%|