Morning Commentary: New Rovi bond bid higher with better shares; Goodrich Petroleum pops

By Rebecca Melvin

New York, Feb. 27 – Rovi Corp.’s newly priced 0.5% convertibles were bid higher in the early going Friday after the Santa Clara, Calif.-based software and internet media company priced $300 million of the five-year senior notes at the midpoint of coupon talk and toward the rich end of premium talk, market sources said.

The new Rovi 0.5% convertible due 2020 was bid at 101.5 versus an underlying share price of $22.94, which was the stock’s closing price on Thursday, when the notes were priced.

Rovi shares were going higher at late morning and were last seen at $23.67, which was up 73 cents, or 3%.

Also notable in trade was Goodrich Petroleum Corp.’s 5% convertible due 2032, which was up 5 or 6 points in the early going at 49 bid, 51 offered after the struggling Houston-based oil and gas exploration and development company reported earnings.

In addition there was favorable news on the company’s second lien, a Connecticut-based trader said.

The Goodrich convertibles went out on Thursday at 44 bid, 46 offered, the trader said.

Goodrich shares were up nearly 20 cents, or 4.6%, at $4.435 early Friday.

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