Nextel Bank Debt Rallies With Equity Markets

  • 20 Oct 2002
Email a colleague
Request a PDF

The bank debt of Nextel Communications bounced back up to the 88 level, with a trade taking place last Tuesday. Dealers said the name was stronger because of the rally in the equity markets early last week. Later, however, the paper lost momentum and trades were quoted at 87 5/8 and 87 1/2 by week's end.

Two weeks ago, the paper had slipped to the 84 1/2 ­ 85 1/2 level after a J.P. Morgan report stated that Nextel did not correctly account for its bad debt expense and its customer churn rate (LMW, 10/14). But the company rebutted the analysis, claiming that it relied on a "over-simplified model and erroneous assumptions."

Still, market players continue to have mixed feeling about the name. Some point to Nextel's recent strong performance, but others continue to cite weaknesses in the company's business plan going forward. A financial official at Nextel could not be reached by press time.

  • 20 Oct 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 120,318.45 348 12.72%
2 Bank of America Merrill Lynch 104,269.08 299 11.02%
3 Wells Fargo Securities 88,761.07 266 9.38%
4 JPMorgan 69,240.12 209 7.32%
5 Credit Suisse 51,560.77 157 5.45%