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Chesapeake mixed on asset sale; SunPower steady; Mentor, KKR quiet
By Rebecca Melvin
New York, Nov. 11 - The convertible bond market was quiet and a little heavier Tuesday in trading thinned by the Veterans Day holiday, market sources said.
Fixed-income markets were closed in observance of Veterans Day.
"Overall the feeling is heavier and better for sale," a West Coast-based sellside trader said of the market.
Another sellsider in New York said it was "uneventful," noting very light trading volume both Monday and Tuesday, compared to last week.
Chesapeake Energy Corp. convertibles were mixed on news that the natural gas producer agreed to sell a 32.5% interest in its Marcellus Shale assets in Appalachia to StatoilHydro for $3.375 billion.
SunPower Corp. was mostly steady in active trade after Deutsche Securities downgraded its equities to "hold" from "buy."
Fannie Mae missed third-quarter estimates, and together with Freddie Mac and the U.S. government announced plans to modify trillions of dollars of loans held by the GSEs.
The Fannie Mae convertibles remained quiet, however, as they have been since the government stepped in to bail out the mortgage financing giant and cut dividends in September.
Mentor Graphics Corp. convertibles were indicated lower but not heard in trade as their underlying shares skidded 17% on lowered guidance.
KKR Financial Holdings LLC convertibles were also supposed lower but not heard in trade as their underlying shares plunged 39% after the real-estate-investment trust said it would suspend its dividend and several analysts downgraded the company.
"My guess is that it was down with the rest of the sector," a trader said, regarding the REIT.
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