Wyndham Slumps

  • 03 Aug 2003
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Wyndham International's bank debt slumped in the secondary loan market last week. Traders said the company's "B" loan traded down roughly four points into the 841/2 range from the 881/4 context where it was moving two weeks ago. Pressure on the paper came from market technicals rather than credit fundamentals, the traders explained. There are more sellers than buyers and "storied" names were receiving a dose of pressure last week, one dealer noted.

As the high-yield market continues to receive a stream of bond deals, there are more options for investors to put their cash to work, the traders said. Par players are mostly filled up on Wyndham and the hedge funds that normally invest in the paper have alternatives, noted one trader. Judy Hendrick, Wyndham's treasurer, did not return calls.

  • 03 Aug 2003

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

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1 Citi 81,261.11 236 11.54%
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3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%