Morning Commentary: Teslas add in early trade with higher shares; SanDisk slips; HSBC launches

By Rebecca Melvin

New York, Sept. 2 – Among convertibles in trade early Tuesday as market participants returned from the long holiday weekend for Labor Day were those of Tesla Motors Inc. and SanDisk Corp., and those issues were trading mixed, a New York-based trader said.

Two of Tesla’s convertibles were better by about 0.25 point, the trader said. Shares of the Palo Alto, Calif.-based electric car maker were up $9.60, or 3.7%, at $279.30.

The Tesla 0.25% convertibles due 2019, or the A tranche, were last seen at 102.19 early Tuesday, which was up from about 100.5 bid, 101.5 offered on Friday, according to Trace data.

Tesla’s 1.25% convertibles due 2021, or the B tranche, changed hands at 103 early Tuesday, which was up from 101.8 last on Friday, according to Trace.

SanDisk’s 1.5% convertibles due 2017 traded at 190.45, which was pretty much steady on levels Friday when liquidity overall in the convertible market was low ahead of the holiday weekend.

In the primary market, London-based bank HSBC Holdings plc launched an offering of perpetual subordinated contingent convertible securities that have an interest reset and subsequent resets every five years. The issue is also callable at the reset date and every five years thereafter.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.