Convertibles quiet heading into holiday weekend: Priceline 0.9% notes trade slightly lower

By Rebecca Melvin

New York, Aug. 29 – Priceline Group Inc.’s convertibles were seen in trade on Friday with sellers in the older 1% convertibles and buyers in the 0.9% convertibles, a New York-based trader said.

But the Priceline 0.9% convertibles were seen just slightly lower at about 98.

The Priceline bonds have traded actively almost every day since the Norwalk, Conn.-based online travel company priced the $1 billion of 0.9% convertibles earlier this month. The new deal joined two existing issues.

Quiet was the theme for the rest of the market. Frontline Ltd.’s 4.5% convertibles weren’t seen to have traded despite a 9% drop in underlying shares after the tanker company said a full restructuring of the company is being considered as cash from operations remains insufficient to repay the $190 million convertible at maturity next April.

Those bonds were last at 91.125, but the level was from earlier in the week.

Chiquita Brands International Inc.’s convertibles were not seen to have traded either on Friday after a 100.25 round lot printed on Thursday. Meanwhile Chiquita shares pared early losses to end unchanged.

But the battle for who acquires Chiquita continued this week. Chiquita continues to ask shareholders to vote for the combination with Fyffes plc, which was announced in March and is expected to be completed in December.

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