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Morning Commentary: New Marriott Vacations moves up to almost 103 in first-day trading
By Rebecca Melvin
New York, Sept. 21 – Marriott Vacations Worldwide Corp.’s newly priced 1.5% convertibles traded up to nearly 103 in the early going on Thursday after the Orlando-based vacation-ownership company priced $200 million of five-year senior notes at the middle of price talk.
The Marriott Vacations 1.5% notes were seen at 102.7 at late morning, but shares of the company were also higher by $3.19, or 2.8%, at $117.18, negating much of the convertible’s move on a dollar-neutral, or hedged, basis.
Overall, the convertibles market was “pretty quiet,” with much of the early volume in VAC, a New York-based sellsider said.
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