Convertibles market sees quiet start to trading; short-dated Cemex trades a little weaker

By Rebecca Melvin

New York, Sept. 23 - Convertibles got off to a slow start on Monday. Trading volume was light and pricing was stable, a New York-based sellsider said.

"It seems like a very sleepy Monday," the sellsider said.

Cemex SAB de CV's 4.875% convertible was among the top-volume names, and it slipped on an outright basis. The other Cemex bonds, which typically trade together, including the Cemex 3.25% convertibles due 2016 and Cemex 3.75% convertibles due 2018, were not yet seen in trade.

Shares of the Monterrey, Mexico-based cement producer were little changed.

The Cemex 4.875% convertibles changed hands at 120.9 on Monday, compared to late trades Friday at 121 and 121.5.

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