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Convertible bond market liquidity muted; Twitter paper steady on CFO news; Tesla firms
By Stephanie N. Rotondo
Seattle, July 12 – With little fresh news to add any volatility, the convertible bond market continued to see limited volume in midweek trading, a trader commented.
Additionally, investors were eyeing testimony from Janet Yellen, the Federal Reserve chairman. In her report to Congress, Yellen highlighted an improving economy and her belief that the market could not only withstand more interest rate hikes, but also a reduction in its investment holdings.
Of the day’s news-driven names, Twitter Inc.’s 1% convertible notes due 2021 were on the busier side but little changed on news the company had named a new chief financial officer.
A market source pegged the 1% convertibles around 91.8.
The stock, however, saw decent gains, adding 61 cents, or 3.27%, to close at $19.25.
Ned Segal – a veteran of Goldman Sachs and most recently the senior vice president of finance for Inuit – took over the CFO job, the company said late Tuesday.
Anthony Noto was previously acting as CFO, as well as chief operating officer. Noto will remain the COO.
Of the convertible issues that were getting attention without any news to drive them, Tesla Inc.’s 2.375% convertible notes due 2022 topped the list.
A source said most of the day’s trades occurred with a 118 handle. Compared to Tuesday’s closing levels, that was a gain of 0.5 point to a point.
Tesla’s stock was also modestly better, gaining $2.30 to close at $329.52.
Synaptics Inc.’s 0.5% convertible notes due 2022 were also being eyed on Wednesday, as the bonds followed the stock upward.
The convertibles started the day close to 103.5, a market source reported. By the close, the paper had moved up to levels just north of 104.
As for the underlying equity, it drove up $1.58, or 3%, to $54.24.
Mentioned in this article:
Synaptics Inc. Nasdaq: SYNA
Tesla Inc. Nasdaq: TSLA
Twitter Inc. NYSE: TWTR
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