A $5 million piece of Global Crossing's bank debt that was auctioned last week left secondary market players questioning the motives of the seller, Rabobank. Traders wondered why the bank decided to conduct an auction on such a small size of paper in a name that experiences decent flow with markets readily available. The paper ultimately sold in the 203/4 range, which is in the context of where the paper has been quoted over the last couple of weeks. Officials from Rabobank did not return calls by press time.
Global Crossing Auction Leaves Market Wondering