The first week of September has seen a slow start in trading activity, as some dealers say investors are sitting on cash while deciding on new issue prospects. However, dealers say the climate is more optimistic and credits are better bid.
Wyndham International's term loan "B" notched up to 99 1/8, while the increasing rate loan traded at 99 ¼ this week. Nextel Communications hit 92 in a series of two $5 million trades. Levels have hovered in the 92-93 range for the past two weeks, topping off at 93 ¾ most recently. Dealers attribute some of the activity to investor interest in Nextel now that VoiceStream Communications' debt is paid off.
In distressed news, Aladdin Gaming's bank debt has been steadily trading up over the last few months and reportedly hit 88.5 early this week. Mariner Post Acute Network is bid in the mid-70s, but not trades are reported.