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Tesla adds on swap as shares pull higher; Omnicare flat; Echo Global Logistics launches
By Rebecca Melvin
New York, April 27 – Tesla Motors Inc. was a focus of trading action in U.S. convertibles on Monday in what was generally a low-volume day. The bonds of the Palo Alto, Calif.-based electric car maker gained on an outright basis and improved on swap as shares moved sharply higher following a positive note by Deutsche Bank, market sources said.
The bank said that Tesla’s electricity storage products may boost results more than expected. It has a “buy” rating and $245.00 price target on the shares.
Cemex SAB de CV remained active on at least one trading desk, and the convertibles of the Monterrey, Mexico-based cement maker were called “in line” with the underlying shares, which are stronger following last week’s narrower quarterly loss and positive comments on its domestic construction market.
Omnicare Inc. remained in trade following last week’s news that the Cincinnati-based pharmacy services provider is exploring a sale. On Friday, RBC Capital Markets downgraded the stock to “sector perform” from “outperform.” The older Omnicare 3.25% convertibles were unchanged on Monday from Friday after a bump up with shares on Thursday, a trader said.
In the primary market, Echo Global Logistics Inc. launched an offering of $150 million of five-year convertible senior notes ahead of the market open. The deal was seen pricing Wednesday.
The registered notes were talked to yield 2.75% to 3.25% with an initial conversion premium of 27.5% to 32.5%.
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