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Midday Commentary: WellPoint bonds active; Tesla rises in midday trading
By Cristal Cody
Tupelo, Miss., April 16 - A couple of names were active in midday trading in the convertibles market on Wednesday, according to informed sources.
WellPoint Inc.'s 2.75% bonds due 2042 remain among the more active convertible bonds traded over the week, according to market sources.
The bonds were quoted early Wednesday at 141.38 versus the company's underlying shares, which were down 58 cents, or 0.6%, to $95.89 in intraday trading.
The Indianapolis-based health benefits company sold $1.5 billion of the bonds in 2012 at par.
Tesla Motors Inc.'s 1.25% convertible bonds due 2021 rose to 89.20 in early trading on Wednesday, a source said. The bonds traded at 88.50 on Tuesday.
Tesla's stock dropped $1.30, or 0.62%, to $192.60 in intraday trading.
Tesla sold $920 million of the seven-year bonds on Feb. 27 at par.
The Palo Alto, Calif.-based company designs, manufactures and sells electric vehicles.
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