Seat Pagine Gialle's new E3.2 billion loan traded actively out-of-the-box, but at levels that were points higher than many market players expected. The company's "B/C" term loan traded in the 99-991Ž2 range last week compared to an anticipated 97-98 range. The loan's pro rata piece changed hands in the 981Ž2-99 context. One trader estimated that about E100million has traded since the break with lenders across the spectrum participating in the activity.
"It's very well managed by the top four chaps...There's been an awful lot of support for this name," said the trader. The Royal Bank of Scotland, BNP Paribas, Barclays and Credit Suisse First Boston lead the new deal. Still, some market players believed that there were quite a few other sellers standing on the sidelines. These lenders could look to sell in the new year, which could ultimately cause a softening in the levels, they said.