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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: reaper who wrote (148446)	2/4/2002 5:04:38 PM
From: reaper	Read Replies (2) \| Respond to of 436258

spreads blow out on Tyco debt -- am I reading this right? did spreads really widen 230 bps TODAY? guess the market ain't too psyched by Kozlowski's attempt to increase his financial "flexibility" (read: friggin' CP markets won't give me money any more, so I'd better draw down my credit line at the bank b4 they make like Argentinian banksters and close their doors) quote.bloomberg.com Tyco's 6.38 percent coupon bonds maturing in 2011 dropped $135 to $791 per $1,000 face amount, pushing the yield up to 9.76 percent, from 7.46 percent on Friday. The spread, or premium to U.S. Treasuries, widened to 480 basis points from 250 basis points, traders said. Spreads on Tyco's 18-month floating rate debt -- that three weeks ago traded about 0.9 percentage points above Treasuries -- trades at about 2.5 percentage points, after widening to as much as 3 points, Rachwalski said. Cheers