Morning Commentary: Spirit Realty trading in size but unchanged; Iconix convertibles active

By Stephanie N. Rotondo

Seattle, July 13 – Though the convertible bond market was experiencing an “extraordinarily quiet morning,” according to one trader – “that happens a lot in the summertime,” he said – Spirit Realty Capital Inc. paper was trading in good size.

However, the 2.875% convertible notes due 2019 were little moved, straddling 110. For its part, the equity (NYSE: SRC) was up 3 cents at $13.14 at mid-morning.

Meanwhile, Iconix Brand Group Inc.’s 1.5% convertible notes due 2018 were also seen trading early Wednesday.

“That hasn’t been trading much at all lately,” a trader noted, seeing the issue in an 81.5 to 81.75 context.

That was up about a point from last week.

The stock (Nasdaq: ICON) was moving lower, however, slipping 19 cents, or 2.74%, to $6.75 in early trades.

There was no fresh news out on either name to explain the surge in activity.

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