Enron's bank debt has been hit the hardest this week, landing in the 75-80 range from the high 99 range last week. Dealers estimate about $15 million had traded as of yesterday afternoon. The company is seeking $2 billion from private-equity firms and power trading firms. Also, American Tower's bid-offer spread softened about 3 points to 88-90 on a weak earnings release. PG&E's debt traded up to 93.675 from the 93 range on news of the company's third-quarter figures tripling over last year.
In par news, Allied Waste's bank debt was better bid at 96 1/8 following the company's earnings release issued this afternoon. The results, while mixed, were enough to keep dealers positive about the company's standing. Levels are up from 96. The credit had dropped from around 97 two weeks ago, following the resignation of the company's chief operating officer.