Morning Commentary: New Dynegy trades flat to lower; Starwood Waypoint convertibles strengthen

By Rebecca Melvin

New York, Oct. 8 – Dynegy Inc.’s newly priced 5.375% mandatory convertible preferreds traded flat to lower in the early going on Wednesday after the Houston-based electricity producer priced $400 million of the preferreds at the rich end of talked terms.

The new Dynegy convertibles were quoted at 100 and also at 99.25 bid, 99.75 offered, according to market sources.

Dynegy shares traded a little lower as well in the early going.

Starwood Waypoint Residential Trust’s newly priced 4.5% convertibles traded up to 101.375 bid, 101.875 offered early after the Oakland, Calif.-based mortgage REIT priced $150 million of three-year senior notes at the cheap end of talked terms.

Starwood Waypoint shares added 0.5% in the early going.

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