Midday Commentary: New Nvidia trades around par after early weakness; Stanley Black & Decker adds

By Rebecca Melvin

New York, Nov. 26 - Nvidia Corp.'s newly priced 1% convertibles due 2018 recovered ground early Monday along with strength in the underlying shares after initial trades below par, market players said.

The $1.3 billion Nvidia deal priced at the midpoint of talked terms for a 1% coupon and 30% premium late Monday.

The new bonds were seen at 100.375 bid, 100.625 offered with shares of the Santa Clara, Calif.-based graphics processor company trading as high as $14.67 in the early going. Initially, the new bonds were seen at 99.875 bid, 100.125 offered before the market open.

Stanley Black & Decker Inc.'s newly priced 6.25% mandatory equity units were higher in the early going after the New Britain, Conn.-based provider of power hand tools priced $300 million of the unis at the midpoint and rich end of talked terms.

Stanley Black & Decker's new units were seen at 101.5 bid, 101.9 offered, a New York-based syndicate source said. The company's shares slipped in early trade and were about $80.50, which was down about 15 cents at late morning.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.