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Morning Commentary: Macquarie Infrastructure, other high-grade names dominate convertibles trading
By Rebecca Melvin
New York, July 22 – Trading in the U.S. convertibles market early Tuesday was mostly in investment-grade names, a New York-based trader said.
Recent new issue Macquarie Infrastructure Co. LLC’s 2.875% convertibles were the No. 1 trader, the trader said. “Guys can’t seem to get enough.”
Macquarie shares were up in the early going but faded toward the unchanged mark by late morning after reaching a record high on Monday.
Citrix Systems Inc. was also trading actively as shares of the Fort Lauderdale, Fla.-based cloud computing company gained about 1.5% in the early going.
Elsewhere, there was a seller in the Teleflex Inc. 3.875% convertibles due 2017, and those convertibles changed hands at 174.95 early Tuesday with shares of the Pennsylvania-based medical device maker at $105.21, which was up 0.2%.
“Looks like a dealer needed out; the print looks low,” the trader said of Teleflex.
Teleflex announced it has received regulatory clearance to market a specialty catheter.
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