Many dealers reported trading as minimal as they just got back to work today. However, an auction for Crown Cork & Seal paper is scheduled for tomorrow with the size estimated at $10 million and the trade expected to go off in the 84-85 range. Dealers note Crown Cork has steadily moved up from the high 70s over the last month and report a strengthening market as helping to push the paper. The seller of the piece is reportedly a Japanese bank, although the name could not be ascertained.
Meanwhile Enron's debt is bid in the 21 range, up from the mid-teens, and Global Crossing's debt is offered around 30, which is up from 28. No trades were reported as of late today. Global Crossing's debt is stronger on a recent covenant amendment which waives certain financial ratios through Feb. 13.
In par news, Nextel Communications' debt traded up in late December to 91 ½ from 90. American Tower's paper is also back in the 96 range, after last trading down to 94. The size is estimated to be small.