Southeast Banking Corp. and Bank of New England Corp. dwell among the ghosts of bank holding companies, but some of their bonds now trade as if the institutions still had some life.

Senior debt obligations of both companies were trading recently at substantial levels - 28 cents on the dollar for bonds issued by Bank of New England and 40 cents on the dollar for Southeast bonds. And the price of Bank of New England's bonds has been rising steadily since January.

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