Morning Commentary: Convertibles quiet to start holiday-shortened week; Whiting, energy lower

By Rebecca Melvin

New York, Dec. 21 – Convertibles were mostly quiet as equities lifted to start off the holiday-shortened week for Christmas. The countdown to year-end began in earnest, with only two partial weeks of trading left, and most market players were only trimming and tucking with trades of only $1 million and $2 million of bonds each, a New York-based trader said.

But Whiting Petroleum Corp.’s convertibles were weaker again as the energy market continues to reel under the oversupply problem.

Whiting’s 1.75% convertibles were quoted down to 66.25 versus an underlying share price of $9.09. That was down from 68.5 to 69 in early trade on Friday and 66.6 at the end of the day.

Whiting shares had traded down to as low as $8.26 but were last seen at $8.58, which was down 6%.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.