Morning Commentary: Asian internet names in focus again; Ctrip.com, SINA bonds flat to firmer

By Rebecca Melvin

New York, April 13 – There were a couple of active traders among the Asian internet names in the convertible bond market early Monday, with action attributed to follow-through on the back of strength last week.

These bonds had put in gains of between 0.5 point and 2 points on swap across the sector in tandem with strong Asian stock markets on Thursday.

Ctrip.com International Ltd.’s 1.25% convertibles due 2018 were trading around 110 with the underlying shares up fractionally. The bonds were about by as much as half a point on an outright basis from Friday.

Ctrip shares were up 29 cents at $63.34.

SINA Corp.’s 1% convertibles due 2018 were trading around 93, which was in line with their previous level. The bond, which trades mostly outright, was not pressured by the Shanghai-based social media company’s sharply lower stock price, a New York-based sellsider said.

SINA shares were down $2.40, or 6.4%, at $35.11.

There was also a little bit of Qihoo 360 Technology Co. Ltd. trading. The Qihoo 1.75% convertibles due 2021, or the B tranche, were seen trading up at 84, according to Trace data, and a market source put the level “in and around 85.” On Friday they were 82 to 84.

Qihoo shares were up $2.11, or 3.5%, at $61.64.

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