Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Review > Headlines for 2015 > News item |
Morning Commentary: Convertibles about 0.25 point better across the board; SunEdison jumps
By Rebecca Melvin
New York, Oct. 5 – U.S. convertibles were better bid early Monday as equities started the week on a better note.
Amid strength in the equity markets, the overall convertibles space lifted by about 0.25 point on a swap basis, making back some of the weakness from Friday, a New York-based convertibles trader said.
Many of the more liquid names were better, including Intel Corp., LinkedIn Corp.’s 0.5% convertibles and the SanDisk Corp. 1.5% convertibles. But there were no real themes however.
LinkedIn’s 0.5% convertibles due 2019 were in the 99 ballpark, which was up a point or so on an outright basis, according to Trace data. LinkedIn shares gained $3.20, or 1.7%, to $192.41.
SunEdison Inc.’s multiple convertible issues were said to be up as much as 2 points as shares of the St. Peters, Mo.-based solar technology company popped following the announcement of a proposed series of actions to align its businesses with current and future market opportunities and accelerate cash flow positive operations.
SunEdison said it is going to focus such core, high profit-potential markets as the United States, India, China and Latin America. It will also simplify its business structure by centralizing and consolidating operations following recent acquisitions.
SunEdison’s 2.375% convertible notes due 2022 jumped nearly 4 points to 60. SunEdison shares were last up 71 cents, or 8.5%, at $8.98.
SunEdison will hold an investor presentation early Wednesday.
© 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.