Not much action in comparable week over week bond/loan changes. Marginal tightening in both loans and bonds offset the reversal widening that was witnessed for the first time last week. Average universe loan and bond spreads were at 548 bps and 1,040 bps, compared to 554 bps and 1,117 bps in the prior week.
Week over week, moves were sporadic, with Aeroflex bonds widening the most (by 300 bps), while TRW screamed tighter by more than half to 845 bps, a level last seen long before 2 of the D-3 had been nationalized, let along bankrupt.
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