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Morning Commentary: New convertible paper quiet in early trading; Clovis moves lower
By Abigail W. Adams
Portland, Me., April 20 – The secondary space in the convertibles market was quiet early in Friday’s session with trading activity surrounding recent deals tempering.
Ship Finance International Ltd.’s 4.875% notes due 2023 continued to see some activity early Friday after contracting upon their market debut on Thursday. The 4.875% notes were seen trading at 98.5 early Friday with stock down 1%.
The 4.875% notes, which priced in an overnight deal prior to the market open on Thursday, were contracted about 1 point dollar neutral on their debut on Thursday.
Paratek Pharmaceuticals, Inc.’s 4.75% convertible notes due 2024 were not seen on the tape early in Friday’s session. The notes were last seen trading up to 101 on Thursday as stock dropped more than 15%.
“It was an overnight deal,” a market source said. “It was assumed the stock would drop.”
The Boston-based biopharmaceutical company priced the upsized $140 million offering prior to the market open on Thursday.
South Jersey Industries, Inc.’s 7.25% mandatorily convertible equity units due 2021 were down slightly early Friday. The par of $50 units were seen trading at $50.90, a 10 cent decrease from Thursday, with common stock up about 0.60%.
The equity units were up about 0.5 point dollar neutral Thursday afternoon.
Clovis Oncology, Inc.’s recently priced 1.25% convertible notes due 2025 continued to trade down on an outright basis after dropping below par in scattered trades on Thursday.
The notes were seen trading at 97.75 early Friday. Clovis stock was down 1.4% early in the session after dropping more than 5% on Thursday.
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