Morning Commentary: Bentley Systems prices, expands on debut

By Abigail W. Adams

Portland, Me., June 24 – The first, and what is shaping up to be the only new deal of the week, hit the secondary space on Thursday.

Bentley Systems Inc. priced $500 million of six-year convertible notes after the market close on Wednesday at the midpoint of talk with a coupon of 0.375% and an initial conversion premium of 35%.

Price talk was for a coupon of 0.125% to 0.625% and an initial conversion premium of 32.5% to 37.5%.

The new paper dominated activity in the secondary space and was trading up on an outright and dollar-neutral basis.

The 0.375% notes traded in a range of 100.125 to 101 with most trades around 100.625.

There was a decent amount of activity on swap. The notes expanded about 0.5 to 0.75 points on swap.

Bentley stock was changing hands at $61.81, an increase of 0.26%, shortly before 11 a.m. ET.

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