Dealers who haven't already sped off to $1,000 chop house dinners in the Hamptons this week commented on the "dead market." Still, about $30 million of Pacific Gas & Electric's bank debt traded at 69-70, which is about level to previous trades. Bridge Information Systems' debt inched up to 41 from 38 last week. About $10 million of Owens Corning's debt traded level at 62 1/2 in a rumored auction.
In par news, Nextel Communications levels on the bank debt were reported at 92 1/2 to 93 1/4, which is up from trading levels of 90 three weeks ago. If Nextel isn't trading, it is a slow week.