A $25 million piece of Crown, Cork & Seal reportedly traded through Goldman's desk mid-week in the 86 context as Kmart continued to plummet into the 53 range. Traders said the market perceives the Kmart bank debt to have more upside than the bonds which are hovering around 47 even though the bank debt is pari passu to the bonds.
Meanwhile, there was an uptick on Adelphia Communications from 99 3/8 to 99 7/8 while competitor Charter Communications traded off a bit at 98 7/8.