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This chart, provided by Citibank/Salomon Smith Barney Inc., tracks bid-ask prices for par credit facilities that trade in the secondary market. It also tracks facility amounts, ratings, pricing and maturities.

Debbie Cervantes, portfolio manager at Patterson & Associates, says she will reduce the firm's 40% cash allocation by adding Treasuries and agencies. The move, which will total $400 million, will be split equally between Treasuries and agencies and may be completed over a few months. She says the purchase of those securities will begin as soon as the geopolitical environment improves and the uncertainty over war is lifted.

Groupama Asset Management will look to shift up to $30 million in assets from double-A rated corporate bonds to single-A rated credits in a bid to add yield. Dan Portanova, portfolio manager overseeing $150 million in taxable fixed-income at the New York firm, says he wants to see improved business spending, which he believes will come when there is more clarity regarding crises in Iraq and North Korea. Once business spending picks up, Groupama will likely commit $15 million to lower-rated credits, Portanova says. If geopolitical tensions were to show even greater signs of resolution and the economy responded accordingly, Groupama would invest another $15 million, he says.

HSBC Investment Management intends to trade U.S. Treasuries opportunistically as a mixture of U.S. economic data creates opportunities in the market. Tim Sullivan, London-based senior director of global fixed income, and responsible for £2.2 billion in assets, says the U.S. "keeps coming out with some curious data, creating chances to put on trades."

Lear Corporation, based in Southfield, Mich., makes interiors for automobiles. It has three high-yield issues outstanding totaling $1.65 billion, making it the largest automotive parts issuer in mainstream high-yield. With a rating of (Ba1/BB+), a number of high-yield analysts say the company has a good shot at becoming investment-grade.

Investors did not wait until last Thursday's retail launch to get their hands on DIRECTV's $800 million "B" piece, causing oversubscription on the loan in advance of the bank meeting. Leads Deutsche Bank and Bank of America still went ahead with the meeting, however, leaving the book open for more "B" commitments to boost oversubscription levels even further, said a banker familiar with the deal. Before the meeting commitments reached the $1 billion level. "[The lead banks are] not going to shut it down yet," he said. He added that any pricing concessions or tranche changes would depend on how the pro rata and bond deal did in the markets.

El Paso Corp.'s bank debt took a dive last week on reports that the company has drawn down on its $1 billion credit due in August. Dealers said a block of the bank debt traded out of an original lender in the mid-80s, slipping from the low 90s. "They drew down on the bank debt, which has everyone spooked. Why do you want to draw down on something maturing in August?" one dealer commented. Calls to Dwight Scott, El Paso cfo, were referred to a spokeswoman. She said the company indicated in a recent presentation that it might draw down on its lines to maximize liquidity. She did not respond to questions regarding how El Paso plans to deal with its near-term bank debt maturities.

Enron's bank debt climbed into the high teens last week after news leaked out that the company's creditors might have access to assets that were transferred off Enron's balance sheet. Paper that has been trading in the mid-teens jumped to a market of 17-20. Trading was said to be slim, but Deutsche Bank is believed to have traded a $10 million piece out of an original seller at the 18 level. Officials at the bank declined to comment.

Morgan Joseph & Co. has hired Joe Galzerano to the new position of senior v.p. and high-yield analyst. Howard Goldberg, head of research and one of three principals at the firm, says Morgan Joseph continues to build its nascent high-yield effort, and hopes to make another research hire and also add to its sales desk. The bulk of the 14 person high-yield team came over from Libra Securities last month.

Higher-rated sectors such as gaming were off slightly, which traders attributed to investors raising cash to purchase new issues. But, benchmark names such as Allied Waste, Nextel Communications and Lyondell Chemical were unchanged through Wednesday. A giant $2.1 billion offering from Crown Cork & Seal found buyers despite some difficulty selling the senior tranche. Here was other action.

TRW Automotive's $1.81 billion acquisition credit shifted into overdrive last week after the company's concurrent $1.58 billion bond deal hit the market. The $900 million "B" loan had oversubscribed to the $1.5 billion range as LMW went to press, according to a banker familiar with the deal. The "B" had been half filled before the bonds were priced (LMW, 2/10). He noted that the bonds drove the performance of the credit. Additionally, the $910 million pro rata increased its commitment levels with 20 investors bidding in, compared with fewer than 10 investors the previous week, he stated. The banker was unable to comment regarding possible structural or pricing changes to the deal.