Morning Commentary: Golden Star prices small deal; Citrix Systems trades higher ahead of earnings

By Rebecca Melvin

New York, July 26 – Convertibles players were eyeing earnings reports early Tuesday as equity markets traded flat or narrowly mixed as a Federal Reserve two-day policy meeting got underway.

There was one new deal priced, but it was a small one that was not widely allocated and not heard in trade.

Golden Star Resources Ltd. priced $65 million of five-year convertible senior notes late Monday at the cheap end of talked terms to yield 7% with an initial conversion premium of 20%. About $40 million of the new deal of the Littleton, Colo.-based gold mining firm was exchanged with holders of an existing convertible that matures in 2017.

A market level for the new Golden Star convertible was not immediately available to Prospect News.

Citrix Systems Inc.’s 0.5% convertibles due 2019 traded up early Tuesday and were seen at 117.25, up from 117 on Monday and 114 to 116 on Friday, according to Trace data. The Fort Lauderdale, Fla.-based cloud computing company is slated to report quarterly earnings after the market close.

Citrix shares were up a bit, trading last at $88.62, which was up 40 cents, or 0.4%.

Illumina Inc. is also on deck to release earnings after the market close. But Illumina’s 0% convertibles due 2019, which traded on Monday around par, were not in trade early Tuesday. Illumina’s 0.5% convertibles due 2021 were also quiet. Illumina shares were up 54 cents, or 0.3%, at $151.15.

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