New T-Mobile trades in line with shares; new Envestnet adds; energy space slides again

By Rebecca Melvin

New York, Dec. 10 – T-Mobile US Inc.’s newly priced 5.5% mandatory convertibles traded actively Wednesday in line with the underlying shares and ended the session below par, with the stock down almost 2%, market sources said.

The new T-Mobile convertibles started out the session above par at 50.5 and were quoted at 49.875 with the underlying shares down 0.5%. But shares sold off into the close, and the mandatories followed lower.

Envestnet Inc.’s new 1.75% convertibles also traded actively and jumped to 102.5 out of the chute. They were last heard at 100.75 to 101.75 with the underlying shares up fractionally. But shares of the Chicago-based financial software and services company also traded down into the close.

The Envestnet convertibles were said to have expanded about 1.5 points on swap.

The two new deals accounted for much of the day’s trading action. But energy convertibles were also trading, and significantly lower, as crude oil sold off along with equities after the Organization of Petroleum Exporting Countries reduced its projections for 2015 global oil demand.

One market source reported active trades in BPZ Resources Inc. at 32. The Houston-based oil and gas exploration and development company priced $125 million of 8.5% convertibles at a 10% discount to par in September. The company also has a 6.5% convertible.

BPZ shares ended down 11% at $0.17.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.