Tyco International's bank debt ticked up last week from the high 80s to the low 90s as investors look forward to the company's spin-off of the CIT Group. One trader said a sizeable amount of the company's February 2003 facility had traded in the 93-94 range earlier last week. Mid-week bids for the name were believed to sink to the 92 1/4 92 1/2 range before recovering to the 93 1/2 level after there were no sellers. A spokesman for the company declined to comment on the trades.
"The bank debt is pretty quiet now, but the bonds are going crazy," one dealer said. The company's bank debt moves alongside its 4.95% notes, which mature in June 2003. These notes were bid up to the 91-93 level last week.