Morning Commentary: New Jamf convertibles jump in early trading; PAR Technology upsizes

By Rebecca Melvin

Concord, N.H., Sept. 15 – Jamf Holding Corp.’s newly priced 0.125% convertibles moved higher in active trading on Wednesday after the Minneapolis-based Apple Enterprise Management software company priced $325 million of the five-year paper with an initial conversion premium of 40%.

The bonds were most recently 102.625, having hit a high of 103.73 in the morning and with a low print of 100.375, according to a market source, who said that the move in the new bonds was likely better on both an outright and dollar-neutral basis.

The new Jamf bonds were busy with more than $72 million of bonds having changed hands by 11 a.m. ET. The new Porch Group Inc. 0.75% convertibles, which debuted in the market on Tuesday, were right behind Jamf on the top volume list, but their activity was much lower at $12 million of bonds having traded, the market source said.

PAR Technology Corp. also priced its convertibles late Tuesday. It upsized the deal to $235 million from $200 million initially talked, and the paper priced at the midpoint of coupon talk and the rich end of premium talk for a 1.5% six-year convertible note, up 37.5%.

Trading activity in the new notes was not immediately available.

Internationally, Mondelez International Holdings Netherlands BV, a subsidiary of Mondelez International Inc., was marketing a guaranteed zero-coupon bond due 2024, which will be exchangeable for shares of JDE Peet’s NV.

The Regulation S exchangeable, which was expected to be priced later Wednesday, was talked at an issue price of between 102 and 103.5, corresponding to a yield to maturity of minus 1.14% and minus 0.66% and an initial exchange premium of 30% and 35%.

Mondelez is a snack and beverage company based in Chicago and operating in about 160 countries.

JDE Peet’s is part of the Jacobs Douwe Egberts Dutch beverage company, which is partly owned by Mondelez.

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