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Convertibles primary quiet for third straight week; Ctrip.com trades again; Impax flat
By Rebecca Melvin
New York, Oct. 20 – The convertibles primary market was quiet for a third straight week – with the exception of a micro deal priced by Tarrytown, N.Y.-based Immune Pharmaceuticals Inc. for $18 million of units of preferred stock and warrants on Wednesday.
In secondary market action, Ctrip.com International Ltd.’s convertible bonds traded again on Friday. The Ctrip 1.99% convertible due 2025 was down more than a point outright at 116.7 and was the most actively traded issue among U.S. convertible bonds, according to Trace data.
The new Ctrip 1.25% convertibles due 2022 were flat at 105.7, and the Ctrip 1% convertibles due 2020 were down almost a point outright at 110.12 in lighter trade.
Ctrip’s American Depository Shares dragged into the close on Friday, ending at the lows, or down $1.45, or 2.9%, at $48.35.
On Thursday, the newer Ctrip 1.25% convertibles due 2022 and Ctrip 1.99% convertibles due 2025 both improved about 0.25 point, a New York-based trader said.
The Ctrip 1.25% convertibles due 2018 were better by about 0.125 point; and the Ctrip 1% convertibles due 2020 were better by about 0.5 point on a hedged basis.
Impax Laboratories Inc.’s convertible stopped climbing on Friday after three days of gains.
The Impax 2% convertibles due 2022 traded at 97.5 on Friday, compared to 97.625 on Thursday, but up from around the 90 mark before news that the Hayward, Calif.-based generic and branded drug company agreed to merge with Amneal Pharmaceuticals LLC.
Mentioned in this article:
Ctrip.com International Ltd. Nasdaq: CTRP
Impax Laboratories Inc. Nasdaq: IPXL
Immune Pharmaceuticals Inc. Nasdaq: IMNP
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