Morning Commentary: FireEye deals add in active trade; Interactive Intelligence slips; SINA up

By Rebecca Melvin

New York, June 1 – U.S. convertibles were trading quietly early Monday with activity concentrated mainly in recent new issues.

FireEye Inc.’s two $460 million deals, which debuted in the market last Thursday, edged up in active trade, along with a shares of the Milpitas, Calif.-based network security company, which were up about 1%.

Both the FireEye 1.625% and 1% convertibles were up about a point at 106ish.

Interactive Intelligence Group Inc.’s $150 million of 1.25% convertibles, which priced a week and a half ago, were under pressure, changing hands at 96, which was down about 0.9 point on the day, according to Trace data. Interactive Intelligence shares were flat to lower at about $43.00.

Meanwhile, SINA Corp.'s 1% convertibles due 2018 were up about 0.75 point, but underperforming shares that were up about $8.00. Activity was light, however, with more inquiries than trades, a New York-based trader said.

The out-of-the-money SINA bonds were quoted at 94.625 with shares of the Shanghai-based social media company up 21% at $49.44.

SINA announced a subscription agreement with chairman and chief executive officer Charles Chao for the issuance and sale of 11 million new ordinary shares for $456 million in cash. Mr. Chao’s per share purchase price was $41.49, representing the average closing trading price for the 30 days ending May 29.

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