Morning Commentary: New Team convertibles lift 1.5 points on swap; AMD jumps on positive earnings

By Rebecca Melvin

New York, July 26 – Team Inc.’s newly priced 5% convertibles traded up on Wednesday after the Sugar Land, Texas-based provider of specialty industrial services priced $200 million of the six-year senior notes at the midpoint of price talk.

The new Team convertibles were up on a dollar-neutral, or swap, basis by 1.5 points if holders were on a 65% delta, according to a market source.

The Team bonds traded at 101.875 at late morning, according to Trace data. And Team shares fell on the New York Stock Exchange, down last by 93 cents, or 6%, at $14.575.

Elsewhere, Advanced Micro Devices Inc.’s convertibles gained with the underlying shares after the Sunnyvale, Calif.-based chipmaker reported positive quarterly results and analysts boosted stock price targets.

AMD’s 2.125% convertibles due 2026 were trading upward and last seen at more than double par, or 208.6, according to Trace data.

AMD shares were up $1.20, or 8.5%, at $15.31.

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