Auto credits are on the brain this week, with dealers saying one name has dropped and another has gotten a boost. Exide Technologies' bank debt has reportedly traded down to the high 60s from the mid-70s range. However, one dealer speculates that the credit has just been quoted down and has not actually traded. Amounts could not be determined. The company manufactures car batteries. Tenneco Automotive's debt traded up slightly to 74 on an announcement from the company this week of long-term strategies to minimize the hit to the auto sector.
In par news, Lyondell Chemical Co.'s debt has traded up to 94 ½ from 93, despite a struggling chemical sector. The credit had been trending downwards from the 100 range since the Sept. 11 attacks. Credits trading here and there and hanging in are Charter Communications, which is quoted in the high 97 range, and Nextel Communications in the 85 ¾ to 86 ¼. Time Warner's cable credit is bid in the 93 range, up from 92.