Morning Commentary: SunEdison in focus as shares slide; volume muted amid equity sell-off

By Rebecca Melvin

New York, Aug. 12 – SunEdison Inc.’s convertible bonds were a primary focus of trade in the early going on Wednesday as the common shares of the St. Peters, Mo.-based solar technology company continued to slide, a New York-based convertibles trader said.

The SunEdison 3.375% convertibles due 2025 traded down another 2 points to 67, according to Trace data. The SunEdison 2.625% convertible due 2023 fell nearly 3 points to 68.

SunEdison’s 2.75% convertibles due 2021 traded down to about 109 from 112 to 114 on Tuesday and down from 124 on Monday.

SunEdison has three other convertible bond issues that were also in focus.

SunEdison’s common shares fell to an $11.00 handle in the early going before correcting to trade last down 34 cents, or 2.6% at $13.01. The stock has lost about 45% of its value since the company reported disappointing earnings last week.

Elsewhere volume was light as traders watched equity markets continue to sell off amid concerns over China’s devaluation of the yuan.

Equity markets opened sharply lower. The Dow Jones industrial average was last down 211.51 points, or 1.2%, to 17,191.37. The S&P 500 stock index declined 1% to 2,059.90, and the Nasdaq Composite lost 1.2% to 4,974.41.

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