Calpine Corp.'s recently completed $750 million, four-year term loan traded down into the low 90s last week. Buysiders and dealers said the size of the deal contributed to the pressure on the name. "There's no demand for the paper. Who is going to buy it?" one buysider commented, noting that many accounts are already full of the name. Traders said the second-lien loan was volatile and closely followed the bonds, which were also softer last week. One dealer said paper traded at 931/4 in the Street on Thursday, but another said markets for the paper ranged from the 91 911/2 level to the 93 931/2 context. Calls to Rick Barraza, senior v.p. of investor relations for Calpine, were not returned by press time.