After a slight recovery, Global Crossing's bank debt traded down last week and landed in the 92 range, which is down from 94 less than a month ago. The credit is continuing to drop on a weak telecom industry. "The bids were as low as 87 a few weeks ago," a dealer noted. "People are still freaked about telecom." Global Crossing's bank debt plummeted 10 points in mid-June, dropping from 97 to 87 in a single week. Calls to the company were referred to a spokeswoman, who did not return them.
Early last month the paper seemed to be pulling itself back up when it inched up to 94 3/4 from 90 (LMW, 7/1). Despite the level gyrations, it is considered one of the stronger credits in the telecom industry