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DISH trades busily; Encore Capital convertibles rebound from Friday lows; Weatherford rises
By Stephanie N. Rotondo
Seattle, Aug. 8 – Convertible bond investors remained focused on DISH Network Corp.’s $2.5 billion of 3.375% convertible notes due 2026, a trader reported Monday.
The issue came Wednesday, upsized from $2 billion and at the mid-range of talk.
The trader said the paper was trading at 105.125 at mid-morning. He noted that the issue was trading in a tight range of 105.1 to 105.3.
By the bell, the convertibles were in the middle of that range at 105.2.
As for the equity underlying the debt, it was up 12 cents at $52.54 in early trading. However, it came in towards the end of the day, ultimately closing off 13 cents at $51.29.
The company said Monday that the offering’s $500 million overallotment option had been exercised, bringing total issuance to $3 billion.
Encore Capital Group Inc.’s 2.875% convertible notes due 2021 were meantime “bouncing back” with the stock, according to a trader.
He saw the issue at 68.5, up from a 66.75 to 67 range on Friday. That was up about a point, on a delta-neutral basis, the trader said.
The equity was up 64 cents, or 3.09%, at $21.16.
The debt and equity came in on Friday in the wake of the company’s earnings release. The results beat on the bottom line, but missed on the top line.
Among the typical go-go names, Weatherford International plc’s 5.875% convertible notes due 2021 were active, a trader said.
“Tons of gamma and the stock traded in a $5.46 to $5.72 range,” the trader said. As for the bonds, they “traded either side of 111.25 versus $5.65.”
At the 111 level, bonds were up 3 to 4 points on the day. The stock meantime closed at $5.68, up 29 cents, or 5.38%.
Mentioned in this article:
DISH Network Corp. Nasdaq: DISH
Encore Capital Group Inc. Nasdaq: ECPG
Weatherford International plc NYSE: WFT
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