Roughly $50 million of Conseco bank debt traded last week with levels ticking up from the mid-60s to the low 70s before sinking back to the 67-68 level by week's end. Traders said the name had been moving off of technical pressures related to the volume of paper changing hands as well as stock market volatility. Two weeks ago, Conseco bank debt levels fell as investors feared that the company would not be able to complete its long-term restructuring plan without filing for bankruptcy. This notion was ignited by a downgrade from insurance-rating agency, A.M. Best. Some market players are concerned that Conseco will lose business as a result of the downgrade, which will become a further obstacle to recovery. Calls to the company were not returned by press time.
Conseco Fluctuates With Slew Of Trades