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Morning Commentary: Convertibles mostly steady; Nortel active; SunEdison’s 2025 notes, Ctrip add
By Rebecca Melvin
New York, May 15 – U.S. convertibles traded quietly early Friday with deep-in-the-money names generally better bid amid higher shares and with valuations essentially unchanged.
Equities were indecisive following a rally Thursday. Economic data has been mixed. The Philadelphia Federal Reserve said Friday the outlook for growth in the U.S. economy over the next three years looks weaker now than it did in February, according to 44 forecasters surveyed by the bank.
The forecasters predict real GDP will grow at an annual rate of 2.5% in the second quarter, which is down from a 3% forecast in February. Its forecast for third-quarter growth is at 3.1%, which was up from 2.8%, and the forecast for full-year growth is at 2.4%, which is down from 3.2%.
Many of the names in trade represented follow-on action from earlier in the week.
The convertibles of bankrupt Nortel Networks Corp. were active again on the patent library news, a New York-based trader said. Nortel’s 1.75% convertible notes, which came due in 2012, changed hands on Friday at 85, which was up 0.9 point, according to Trace data.
SunEdison Inc.’s new, longer-dated tranche of convertibles, the 3.375% convertible due 2025, was also up about 0.9 point at 103.4, according to Trace data. Shares of the St. Peters, Mo.-based solar technology company were also higher by about 1%.
Ctrip.com International Ltd.’s 1.25% convertibles, which were busy on Thursday, recouped a bit after slipping later Thursday from its highs, trading at 117.77 early Friday, according to Trace data. That paper settled Thursday at 115.6 compared to 111.2 previously as shares of the Shanghai-based internet travel site jumped on an earnings beat and positive guidance.
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