Morning Commentary: U.S. Steel slips slightly; Atlassian drops outright with shares

By Rebecca Melvin

New York, Oct. 18 – United States Steel Corp.’s 5% convertibles due 2026 slipped slightly on swap on Friday after tracking mostly unchanged into the market close on its debut on Thursday.

On a 75% delta to 77% delta, the bonds were little changed on Thursday and Friday, a New York-based source said. On a heavier 80% delta, the bonds were a bit lower.

They were quoted at 101.125 bid, 101.625 offered on swap versus an underlying share price of $10.78. They slipped from the open on Friday, which was at 101.125 bid, 101.875 offered versus a $10.78 share price.

The price versus Wednesday’s close was 99.625 bid, 100.125 offered, according to a source. The share reference price is $10.48.

Elsewhere, Atlassian Corp. plc’s 0.625% convertibles due 2022 were trading down in active trade after the San Francisco-based developer of collaborative software reported quarterly earnings after the market close on Thursday.

The Atlassian notes were seen last at 151.671, according to Trace data, with shares down more than $10.00, or 9%, at $111.76. That was down from a level of 161 to 163 in the notes on Thursday.

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