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Morning Commentary: Liberty Media, Pandora convertibles in focus; secondary active
By Abigail W. Adams
Portland, Me., Sept. 24 – The convertibles secondary space launched the week with “pretty hefty” trading volume for a Monday, a market source said.
About $60 million was on the tape early in the session with the convertible notes of Liberty Media Corp. and Pandora Media Inc. the focus of trading activity after Sirius XM Holdings announced it would acquire Pandora for $3.5 billion.
Liberty Media’s 2.125% exchangeable debentures due 2048 were down about 2 points outright to trade around par early in the session, a market source said. About $9 million of the bonds were on the tape.
While the notes are convertible into either Sirius XM Holdings common stock or Liberty’s series C Liberty Sirius XM common stock at the company’s option, the exchangeable debentures were priced against Sirius XM Holdings.
Sirius XM Holdings stock was down more than 6.52% to $6.50 early in Monday’s session.
Pandora Media’s 1.75% convertible notes due 2020 were the next most actively traded early in Monday’s session.
The 1.75% convertible notes due 2020 dropped about 3 points outright to trade between 96.75 and 97, a market source said. About $7 million of the bonds were on the tape early in the session.
The music streaming company’s 1.75% convertible notes due 2023 also saw some action. The notes were down about 2 points outright to trade at 114.5.
Pandora stock was up about 3% to $9.36 early in Monday’s session.
Sirius XM announced it will acquire Pandora in a $3.5 billion all-stock deal on Monday, which values Pandora stock at $10.14 a share. The deal is expected to close in the first quarter of 2019.
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