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Morning Commentary: AXA launches $750 million of exchangeables; Atlassian looks better to buy
By Abigail W. Adams
Portland, Me., April 26 – In the heart of earnings season, the primary market in the convertibles space remained active with the launch of a $750 million offering.
AXA SA plans to price $750 million of three-year bonds mandatorily exchangeable for AXA Equitable Holdings, Inc. stock on May 9 with price talk for a coupon of 6.75% to 7.25% and an initial conversion premium of 17.5% to 22.5%, according to a market source.
The bonds are being offered concurrently with the initial public offering of AXA Equitable’s stock by AXA SA.
AXA Equitable Holdings launched the IPO on Thursday, saying that AXA SA will sell 137.25 million shares of common stock with the price expected to be between $24.00 and $27.00, according to a company news release.
Meanwhile, Atlassian Corp. plc’s 0.625% convertible notes due 2023 remained active early Thursday. The notes were looking better to buy and were up about 0.5 point early in the session, a market source said.
Atlassian’s 0.625% convertible notes due 2023 made their market debut on Wednesday with a lackluster reception in the secondary space. The notes were seen trading at 98 late Wednesday afternoon.
Citrix Systems, Inc.’s 0.5% convertible notes due 2019 were major volume movers early in Thursday’s session as the stock climbed after the multinational software company beat analyst expectations by a wide margin in its first-quarter earnings after the market close Wednesday.
The notes gained about 6 points outright to trade up to 142.5 with stock up to $101.00, a 5% increase.
Citrix reported non-GAAP earnings per share of $1.29 on revenue of $697 million for the first quarter, which beat analyst expectations of earnings per share of $1.05 on revenue of $675 million.
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