Macquarie stretches to 107; Tesla flat to better on higher shares; Exelixis stock surges

By Rebecca Melvin

New York, July 14 – U.S. convertibles traded quietly on Monday with a large chunk of volume in investment-grade issues including Macquarie Infrastructure Co. LLC’s 2.875% convertibles, which changed hands at 107 late in the session after having debuted in the market on Thursday.

Citrix Systems Inc. was also in action in follow-on trade from Friday. Shares of the Fort Lauderdale, Fla.-based cloud computing company gained about 0.9%. There were about $52 million of those bonds that changed hands, and they are at 106, the trader said.

Elsewhere, Tesla Motors Inc.’s convertibles traded unchanged to better on a jump in the underlying shares following a Barron’s article that suggested that China may be a suitor of the Palo Alto, Calif.-based electric car maker given that the country is implementing new rules to raise the proportion of electric vehicles on its roads.

Also on Monday the convertibles of Mylan Inc. hit the Trace tape after the generic drugmaker said it would buy Abbott Laboratories’ specialty and branded generics business outside the United States for about $5.3 billion in stock.

Mylan’s 3.75% convertibles due 2015 changed hands at 397, according to Trace. Shares of the Canonsburg, Pa.-based generic drug maker were up about 2% at $51.50.

Exelixis Inc.’s 4.25% convertibles due 2019 traded a scanty amount and didn’t keep pace with a 23% surge in the underlying shares of the South San Francisco, Calif.-based biotechnology company on positive drug data.

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