Market activity has barely gotten off the ground this week, as many players have taken the last weeks of summer for vacation. Those around say they've gone home early each day because it's so slow. They note that cable names are continuing to soften with Adelphia Communications flooding the secondary market with $3 billion in new issue. Charter Communications' bank debt traded down to 98 7/8, then offers popped back up to 99 1/8. Nextel Communications' bank debt hit the 93 ¼ then softened to 92 ¾ early this week on news that the company would buy back some of its bonds and swap it for equity. But market players initially were unaware that the activity pertained to Nextel International.
Levels for asbestos credits inched up this week, with Armstrong Holding's debt bid at 55.8 and Owens Corning's levels at a 70 bid, from as low as 50 three months ago. About $10 million of Lucent Technology's debt traded up 95. Levels are up slightly, with increasing confidence in the company's performance.