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Light volume mutes trends; Micron, Chesapeake trade weakly; PTC pops; SunEdison launches convert
By Rebecca Melvin
New York, Aug. 17 – Light trading volume masked trends in U.S. convertibles on Monday, market players said.
According to Finra’s Trace data, Micron Technology Inc.’s 3% convertible was the most actively traded bond for the session, and that paper looked to have underperformed the common shares of the Boise, Idaho-based semiconductor company.
The Micron bond prices were weak in the early going. But later trades rose and looked about flat compared to Friday. He stock ended 1.6% higher after mixed analysts’ ratings actions.
Chesapeake Energy Corp.’s convertibles also appeared to underperform the shares. The Chesapeake 2.5% convertibles due 2037 (Cusip 165167BZ9) traded at 87.3, and then lower at 85, which was down from 88.25 to 88.5 on Friday. Shares of the Oklahoma City-based energy company added 8 cents, or 1%, to $7.57 on the day.
PTC Therapeutics Inc.’s 3% convertibles due 2022, which priced early last week, popped along with the underlying shares of the South Plainfield, N.J.-based pharmaceutical company, which jumped 10%.
The PTC Therapeutics 3% convertibles added almost 5 points to 103.75.
After showing up in trade almost every day last week, SunEdison Inc. managed to feature in the convertibles market at the start of this week again by launching a $500 million deal of perpetual convertible preferreds after the close.
The offering was being priced on an overnight basis, and represents the second time this year that the St. Peters, Mo.-based solar technology company has tapped the convert market: in May it priced dual tranches of convertible bonds for $900 million in proceeds.
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