In Europe, the new GBP830 million deal for Coral Eurobet broke for trading into the secondary loan market. Traders said the name was changing hands but that the activity was muted somewhat because the firms that had bought the loan in the primary market were holding on to the paper. Demand for paper in the European loan market continues to be strong.
Coral's new "B" loan was trading around the 100-100 1/4 and the new "C" loan was trading around the 100 1/2 level this week. Loan sources said this new credit represented an increased capacity of institutional investor demand in the European loan market. Officials at Coral could not be reached by press time.