Allied Waste's term loans "B" and "C" traded up to 99 this week from 98 1/8 last Thursday as traders reported investors were showing more interest in the credit trading roughly $10 -20 million in the name. Dealers said institutional players were replacing lower performing names in portfolios with Allied Waste, a strong par name.
Also climbing are telecom names such as Nextel and Global Crossing rallying so far this week. Nextel, which had traded as low as 80 last week, ticked up to 83 3/4 following higher bond prices. Traders estimated that $40-$50 million traded. Global Crossing traded in the 20 1/2 to 22 1/2 context after falling to the 18 1/2 to 20 1/2 range after its bankruptcy filing.