Whiting Petroleum’s 1.25% bonds pop; Qihoo firm; deals trickle through euro market

By Rebecca Melvin

New York, May 11 – Whiting Petroleum Corp.’s 1.25% convertibles were higher in active trade on Wednesday after the Denver-based oil and gas company said it is going to retire $476.3 million of convertible mandatories in four series, which doesn’t include the 1.25% bonds, a New York-based trader said.

The Whiting 1.25% bonds were higher at 71.875 to 72 compared to about 68.75 at the close on Tuesday.

They are up quite a few points as “people reach for Whiting paper,” the trader said.

Elsewhere, trading in convertibles was company specific. Qihoo 360 Technology Co. Ltd.’s convertibles remained active at pricing that was firm at the high end of the previous session’s range. The Qihoo 1.75% convertibles due 2021 traded at 95.75, which was up compared to the last trade on Tuesday at 95. On Tuesday that paper rose from 94.

The Qihoo 2.5% convertibles due 2018 were a touch higher at 99.1 compared to 98.9, according to Trace data.

The China PC and mobile internet security company’s convertibles are trading on the back of news that China regulators are scrutinizing its plan to delist from the U.S. stock market and list in China, a trader said.

The U.S. primary market was silent again with no new issuance priced this week so far. But the European convertibles market continues to see deals trickle through.

© 2015 Prospect News.
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