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Morning Commentary: Convertibles market eyes new deals from Anacor, Gran Tierra, Medallion
By Rebecca Melvin
New York, March 31 – Market players were sizing up three new deals in the convertibles space on Thursday, including Anacor Pharmaceuticals Inc.’s $250 million of seven-year convertibles and Gran Tierra Energy Inc.’s $100 million and Medallion Financial Corp.’s $25 million of five-year convertible senior notes.
The shares of Anacor and Gran Tierra were down 6% and 8%, respectively. But Medallion shares were down only 2%.
Anacor’s existing 2% convertibles due 2021, which is a small, $82 million issue, did not appear to have traded. Those bonds were last at 206.27.
Gran Tierra shares were down 22 cents, or 8.3%, to $2.42, and Medallion shares was down 19 cents, or 2%, to $9.17.
Back in established issues, WebMD Health Corp.’s convertibles were higher along with the underlying shares after news that the Elmwood Park, N.J.-based provider of online medical information will replace SunEdison Inc. in the S&P MidCap 400.
WebMD’s 2.5% convertibles due 2018 traded up 1.4 points to 113.25 and WebMD’s 1.5% convertibles due 2020 traded up 2.7 points to 131.875, according to Trace data.
Shares of WebMD were last at $62.09, which was up $2.55, or 4.3%.
SunEdison convertibles were not heard in early trade, but they had slumped along with the underlying shares earlier in the week. SunEdison is ranked at the bottom of the index and has a market capitalization that is no longer representative of the mid-cap market space.
Cemex SAB de CV was also trading actively, with the Cemex 3.72% convertibles due 2020 and the Cemex 3.73% convertibles due 2018 both up about 2 points to 92.55, according to Trace data.
The Cemex 3.75% convertibles due 2018 were at 103.375, which was within Wednesday’s 102.5 to 104 range.
The American Depositary Receipts of the Mexico-based cement producer have been on the rise all week and were last up 15 cents, or 2%, at $7.39.
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