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Morning Commentary: Parker prices but doesn’t impress; Microchip active; Vipshop little changed
By Stephanie N. Rotondo
Seattle, Feb. 22 – There was more activity in the convertible bond market on Wednesday.
However, a trader noted that the increased liquidity had not trickled down to Parker Drilling Co.’s new $50 million of 7.25% $100-par series A mandatory convertible preferreds.
“There are no quotes around at all,” he said.
The underlying equity (NYSE: PKD) was not faring well either, declining 37 cents, or 15.96%, to $1.98.
The issue is mandatorily convertible on March 31, 2020, with conversions being done between a minimum of 41.4079 shares per each preferred and a maximum of 47.6190 shares.
Barclays ran the books.
Meanwhile, Microchip Technology Inc.’s 1.625% convertible notes due 2027 were busy, trading in a 100.375 to 101 range, according to a trader.
The stock (Nasdaq: MCHP) was slightly firm for the session, adding 26 cents to $72.75.
Vipshop Holdings Ltd.’s 1.5% convertible notes due 2019 were seeing a little bit of follow-through after trading actively on Tuesday in the wake of earnings.
But while the paper was still somewhat active, it was not much changed in a 100.25 to 100.375 context, according to a trader.
The company’s shares (NYSE: VIPS) were also continuing to move around, ticking up 15 cents, or 1.11%, to $13.18.
The notes are putable, with the company extending the put period by one day to March 14.
In earnings news, an unexpected increase in subscribers boosted DISH Network Corp.’s bottom line, according to the company’s latest earnings release.
In response, the company’s 3.375% convertible notes due 2026 were “up small,” a trader said, around the 122 mark.
The equity (Nasdaq: DISH) was also higher, up 51 cents to $63.33.
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