Midday Commentary: Convertibles mostly quiet; WellPoint trades higher in active trade

By Rebecca Melvin

New York, April 9 - U.S. convertibles were particularly quiet early in Wednesday's trading session as equities edged higher.

WellPoint Inc.'s 2.75% convertible bonds due 2042 edged up in early trading and were among the most actively traded bonds, according to a market sources.

The bonds traded at 142.43, up from 141.77 previously, according to Trace data.

The company's underlying shares fluctuated in early trading and were most recently up 21 cents, or 0.22%, at $96.86.

WellPoint sold $1.5 billion of the convertible bonds in October 2012 at par.

The debt of the Indianapolis-based health benefits company is investment grade, which encourages ongoing activity in these bonds, a New York-based trader said. In addition there were news articles out that may have sparked some interest in the name, he said.

© 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.