Morning Commentary: Ctrip, other Asian internet names active; WebMD slips with shares

By Rebecca Melvin

New York, April 8 – Ctrip.com International Ltd. continued to trade actively early Wednesday after a busy Tuesday, while convertibles players moved into related names, including Qihoo 360 Technology Co. Ltd., a New York-based sellsider said.

“Asian internet names are trading after the Asian market was up yesterday,” the sellsider said.

Ctrip’s 1.25% convertibles due 2018 traded on an outright basis at 106.75, the sellsider said.

The Ctrip bond was also seen to have traded higher to 109, according to Trace data, as shares of the company were on the rise again. The shares were last up $2.14, or 3.5%, at $63.35.

Vipshop Holdings Ltd.’s 1.5% convertible notes due 2019 were also up, changing hands last at 158, according to Trace data, compared to 154 on Tuesday.

Other China convertible names include E-House (China) Holdings Ltd., SouFun Holdings Ltd. and YY Inc.

WebMD Health Corp. was in focus after the Elmwood Park, N.J.-based provider of online medical information was downgraded by Goldman Sachs to “sell” from “neutral,” with the bank citing reduced opportunity for outperformance as the reason behind its move.

WebMD shares were down 2% at $45.96, and the company’s 1.5% convertibles due 2020 were seen to have traded at 109, down about 2 points from 111, according to Trace data.

The company has two other convertible bond issues.

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