A $55 million chunk of Enron Corp.'s bank debt traded earlier today in the 22-23 context. Both Goldman Sachs and Deutsche Bank are reportedly active in the name, although officials at both shops declined to comment. Dealers are also reporting an eight-point drop in Global Crossing's bank debt, trading down to 40 from 48 ½ on rumors of an imminent bankruptcy filing. Federal Mogul's debt traded up slightly to 58 in a $5 million trade.
In par news, Allied Waste's "B/C" paper has traded into the mid-99 range with an estimated $20 million in volume. Huntsman ICI is reportedly trading in the 98 range, a credit that continues to spark investor interest because it's still below par while other names in the sector have notched up. Dealers say investors are watching the credit for the potential upside.