ON Semiconductor continued to trade up to 97 this week after the company announced it would complete a bond deal. Bids have been rising over the past month with more than $100 million changing hands, dealers said. One analyst referred to the name as a "dead cat rising," after discussing how the credit traded as low as 68. Calls to John Kurtzweil, senior v.p. and cfo, were referred to a spokesman who did not return calls by press time.
Warnaco's bank debt saw some action with more than $30 million trading in the 30-31 range again this week following a massive $140 million auction from a Japanese Bank at that level last week. The company plans to have its restructuring plans in place by the end of June. The company's officials could not be reached by press time.