Midday Commentary: New Renewable Energy higher despite stock decline; Spectranetics adds with shares

By Rebecca Melvin

New York, May 30 - There was some trading of the new issues in U.S. convertibles early Friday, but otherwise it was very quiet with many market players busy marking their books for month end, a New York-based trader said.

Renewable Energy Group Inc.'s newly priced 2.75% convertibles rose in early action even as the company's stock was lower after the Ames, Iowa-based biodiesel producer priced $125 million of the five-year senior notes at the rich end of talk late Thursday.

The Renewable Energy convertibles were seen trading at 102, according to a syndicate source. They were also heard at 103.25 versus an underlying share price of $9.81.

Renewable Energy shares were down 16 cents, or 1.6%, to $9.85.

Spectranetics Corp.'s new 2.625% convertibles were trading at 103.5 bid, 104 offered with the shares at $22.10. That compared to 102.5 bid, 103.5 offered with the underlying shares at $21.84 last on Thursday, which was their first day trading.

Spectranetics shares were up 12 cents, or 0.6%, to $21.96 early Friday.

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