While the par market nearly ground to a halt last week, dealers reported some further softening in the telecom sector. Nextel bank debt traded in the 90-91 range, down from a recent high of 93-94. "It's just following the bonds down," reported a dealer. Technicals were also faulted for the softer prices, as the dealer remarked there's no new information out on the company. Meanwhile, bids for Charter Communications' debt have come down half a point to 98 3/8, but the offer reportedly hasn't moved. Calls to Kent Kalkwarf, cfo of Charter, were referred to spokesman Dave Anderson, who did not return them. Calls to Paul Saleh, cfo of Nextel, were not returned. Further calls to Paul Blalock, head of investor relations, also were not returned.
Telecom Paper Tracks Softening Bonds