FireEye deals add in active trade; Intel better bid on M&A news; SINA up about 0.75 point

By Rebecca Melvin

New York, June 1 – U.S. convertibles were trading quietly Monday with activity concentrated mainly in recent new issues, market sources said.

FireEye Inc.’s two $460 million deals, which debuted in the market last Thursday, edged up in active trade, along with a shares of the Milpitas, Calif.-based network security company, which were up about 1%.

Interactive Intelligence Group Inc.’s $150 million of 1.25% convertibles, which priced a week and a half ago, were under pressure, changing hands at 96, which was down about 0.9 point on the day, according to Trace data. Interactive Intelligence shares were flat to lower at about $43.00.

Atlas Air Worldwide Holdings Inc.’s 2.25% convertibles, which debuted in the market on Friday, were not heard in trade on Monday, although shares rose nearly 2%. The bonds traded poorly on Friday, slipping below par.

Back in established issues, Intel Corp.’s 2.95% convertibles were bid better on Monday after the Santa Clara, Calif.-based chip maker said that it has offered to buy Altera Corp. for $54.00 per share, or about $16.7 billion, which represented a 10.5% premium to the closing share price of the San Jose, Calif.-based chip company’s shares on Friday.

Meanwhile, SINA Corp.’s 1% convertibles due 2018 were up about 0.75 point but underperforming shares that were up about $8.00 during morning trade. Activity was light, however, with more inquiries than trades, a New York-based trader said.

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