Credits continued to trade up last week as average bids keep increasing. Sensata Technologies was trading around par, the first time it was that high since June. "It does feel like a broken record; [everything] feels higher," a trader said.
Dealers again attributed trading to technicals. One said some investors may have been buying paper to offset loan-only credit defaults; others just needed to put cash to work.
Morgan Stanley leads the Sensata deal, which came to market last April. Bain Capital completed a $3 billion leveraged buyout of the company April 27. A Sensata spokeswoman could not immediately comment. A Bain spokesman did not return a call.