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Telecommunications bond issues active in early trading
By Paul Deckelman
New York, Aug. 19 - Telecommunications sector credits were moderately active in early trading on Monday. No fresh news was seen on the sector that might explain its popularity.
A market source said that Frontier Communications Inc.'s 8½% notes due 2020 were trading around 109 5/8 bid, with about $3 million of the Stamford, Conn.-based telecom provider's bonds having moved. That was down a little from previous round-lot levels around 110¾ seen late last week.
Frontier's 8¼% notes due 2014 were trading at 104 bid on volume of more than $1 million. There had been no recent round-lot trades in the credit for comparison purposes.
A source said that Level 3 Communications Inc.'s 8 1/8% notes due 2019 were down ¾ point at 106½ bid in early dealings.
The Broomfield, Colo.-based fiber optic network backbone provider's 8 5/8% notes due 2020 were seen at 108¾ bid on volume of more than $1 million, essentially unchanged from recent levels.
Windstream Communications Inc.'s 7 7/8% notes due 2017 traded around the 111 bid mark on volume of over $2 million, off from 111½ bid at which the Little Rock, Ark.-based telecom provider's issue traded at the end of last week.
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