A robust stock market pushed up trading levels in the secondary market last week. Deals traded 1/8-1/4 higher compared to the prior week, said dealers. "People are in a buying mood," said a trader. "People are putting money to work. There is more buying than selling."
Among deals that traded an eighth of a point higher were Georgia-Pacific Corp., Cablevision Systems and Charter Communications. Georgia's Citigroup-led term loan "B" traded up to 100 1/4-100 1/2; Cablevision's Bank of America-led term loan "B" rose to 99 3/4-100, while Charter's JPMorgan-led term loan "B" traded up to 100 1/2-100 3/4.
"Everything that can walk and talk is getting bid up," said one investor. "Everyone has woken up and sees what is out there. The secondary quality is probably a little bit better than the primary [this week]."