Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Teva Pharmaceutical Industries Ltd. > News item |
Convertibles quiet heading into holiday weekend; Teslas improve on strong deliveries
By Rebecca Melvin
New York, July 2 – U.S. convertibles quieted on Thursday after a short flurry of early trades in the secondary market ahead of the long holiday weekend in observance of July 4.
About the only thing of note in the space was action in Tesla Motors Inc., which saw improvement in its trio of convertible bonds on a swap basis after the company reported better car deliveries and shares jumped 4%, a New York-based trader said.
“Otherwise, it was pretty slow today,” he said.
Tesla announced that it delivered 11,507 Model S vehicles for its second quarter, which was up about 52% from the year-earlier period.
Elsewhere, Peabody Energy Corp.’s 4.75% convertibles were trading again and seen at 13 and 14.5, which was lower compared to 14.75 bid, 15 offered on Wednesday.
“There were a couple of trades in BTU,” a trader said.
“I think effectively things got ahead of themselves, and energy-related issues are repricing again. But with oil at $57 per barrel and Brent at $63, it is not a panic type of environment. It’s healthy that valuations are taking a breather,” he said.
Teva Pharmaceutical Industries Ltd.’s 0.25% convertibles were also seen in trade, and they were quoted right around parity. The issue represents a stock proxy for outright investors, a trader said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.