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Morning Commentary: DDR, SanDisk are traders in quiet market overall; Whiting Petroleum strong
By Rebecca Melvin
New York, March 31 – U.S. convertibles traded quietly on the last day of the quarter on Tuesday, with some volume in DDR Corp.’s 1.75% convertibles due 2040 and the SanDisk Corp. 0.5% convertible, while new deals were still absent in the week, market players said.
DDR’s convertible changed hands at 127.46, which was up 0.21 point, according to Trace data, even as shares of the Ohio-based shopping mall real estate investment trust traded down fractionally.
The REIT sector has been an area of focus for convertible traders of late. On Monday, American Realty Capital Properties Inc. was getting a look after the REIT released fourth-quarter and full-year results.
There has been some consolidation in the space, but DDR is not viewed as a takeover target.
SanDisk’s 0.5% convertibles traded down 0.56 point to 100.75 as shares of the Milpitas, Calif.-based storage chip maker slipped more than 1%.
Looking ahead, one trader suspected that if no deals launched after the close on Tuesday there wouldn’t be any for the holiday-shortened week. Financial markets will be closed Friday in observance of Good Friday.
For the month, valuations have creeped up slightly amid a lack of new paper out there, a New York-based trader said. He noted that there has been a good volume of issuance, but fewer number of deals. But he pointed to the seemingly strong appetite in the market for well-priced deals.
Last week’s $1 billion Whiting Petroleum Corp. deal is up 3.5 points dollar neutral from issue, the trader said.
“No one seems to want to let go of that,” the trader said of the 1.25% convertibles.
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