Midday Commentary: New Campus Crest trading 102 bid, 102.5 offered in the secondary; AMR stronger

By Rebecca Melvin

New York, Oct. 4 - Campus Crest Communities Inc.'s newly priced 4.75% exchangeables added in the secondary market early Friday after the Charlotte, N.C.-based student housing properties company priced an upsized $85 million of the five-year exchangeables at the cheap end of coupon talk.

The new Campus Crest senior notes were trading at 102 bid, 102.5 offered, according to a syndicate source. That was versus a share price that was up a dime, or 1%, at $10.15.

Elsewhere AMR Corp.'s 6.25% convertibles due 2014 strengthened in early trade, a Connecticut-based convertibles analyst said.

The Fort Worth, Texas-based airline was reinstated with an "outperform" at Wolfe Research. Shares were up 6% in over-the-counter action at $4.86. The bonds were seen at 109, which was up 0.25 point to 0.5 point from Thursday, according to Trace data.

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