Tyco International's February 2003 bank debt was stronger last week, with pieces trading in the 96-96 1/2 context. The paper rallied along with its stock despite reports that the company would have to restate three quarters worth of earnings. Some market players noted that some restatement was expected and that it wasn't as bad as people thought it could get. "If you read the news, it was actually a positive even though the headline sounded really bad," one market player said. Calls to Tyco were not returned by press time.
Tyco Ticks Up Despite Restatement