Midday Commentary: New JinkoSolar trades up; Spain's Acciona offers up to €450 million convertibles

By Rebecca Melvin

New York, Jan. 16 - JinkoSolar Holding Co. Ltd.'s newly priced 4% convertibles traded up in the early going Thursday after the China solar company priced an upsized $130 million of the five-year convertible notes at the midpoint of talk.

The new JinkoSolar convertibles were seen at 102 bid, 102.625 offered versus an underlying share price of $35.76, according to a Connecticut-based trader.

JinkoSolar shares were lower early Thursday at $35.69, which was down 57 cents, or 1.6%.

Back in secondary action, one trader said trading was "very quiet so far."

Internationally, Spain's Acciona SA launched an offering of up to €450 million of five-year convertible bonds, or a €325 million base deal, with a €75 million increase option and a further €50 million over-allotment option.

The deal, which was seen pricing later Thursday, was talked at a 2.25% to 3% coupon and a 32.5% to 37.5% initial conversion premium.

Acciona, a debt strapped construction and engineering infrastructure company, will use the proceeds to extend the company's debt maturity profile and reduce the average cost of debt.

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