SunEdisons lower on swap in active trade; Ctrip.com expands; Vipshop lower; Cowen prices

By Rebecca Melvin

New York, May 14 – SunEdison Inc.’s complex of convertibles continued to trade actively and ended the session a little lower on swap on Thursday, a day after the St. Peters, Mo.-based solar technology company priced $750 million of new convertibles in two tranches.

SunEdison’s series of six convertible issues contracted anywhere between 0.125 point to 0.5 point, a New York-based trader said.

A second New York-based trader said, “Overall, it was pretty slow. But SunEdison continues to be a focus.”

Elsewhere, Ctrip.com International Ltd.’s convertibles jumped on an outright basis and expanded on swap in active trade after the Shanghai-based internet travel site reported earnings that beat estimates and guided for strong current-quarter revenue growth.

Other Chinese internet names were also in trade. Vipshop Holdings Ltd.’s 1.5% convertible notes due 2019 were lower with shares – changing hands at around 140 – after the China-based online discount retailer reported solid earnings but guided below expectations for the current quarter.

Meanwhile, Cowen Group Inc. priced its $105 million of cumulative perpetual convertible preferred shares at the midpoint of talk for a 5.625% dividend and 17.5% premium.

A level on the new paper was not heard, but a syndicate source said “they traded all over the place.”

The older Cowen 3% convertibles were “down small,” the source said. And Cowen shares ended down 12 cents, or 2%, to $5.37.

© 2015 Prospect News.
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