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Convertibles quiet, volume light; WellPoint paper active; Goodrich Petroleum flat
By Cristal Cody
Tupelo, Miss., April 15 - The convertibles market "felt mainly quiet" on Tuesday, a trader said late afternoon.
"It feels like two-way flows," the trader said. "Volume has been relatively light this week."
Earlier, the convertibles market opened the session with little activity, according to another trader.
"Total volume is like $45 million," the trader said early in the session. "Literally, nothing at all going on today."
At least one name, though, remains active during the shortened holiday week, sources said.
WellPoint Inc.'s 2.75% bonds due 2042 "have been really active lately," a trader said.
The bonds were quoted late afternoon at 141.75 bid, 142.25 offered.
WellPoint sold $1.5 billion of the bonds in 2012 at par.
The Indianapolis-based health benefits company's underlying shares climbed $1.09, or 1.14%, to close at $96.47.
Goodrich Petroleum Corp., which saw its stock climb more than 30% on Monday following an operational update, saw few trades on Tuesday, traders said.
The bonds were last seen around noon ET at 111.875 bid, 112 offered, according to a trader.
Earlier in the day, another trader said the issue "was up, flat now. Bonds haven't traded today; they don't trade all that often."
The trader pegged the company's 5% convertible notes due 2032 early Tuesday at 110.25 bid, 111 offered versus where the stock closed at $23.96 on Monday. On Monday, the notes were quoted at 110 bid, 111 offered.
Goodrich Petroleum's stock ended the session on Tuesday at $24.34, up 38 cents, or 1.59%, after the company announced the date of its first-quarter earnings release.
Mentioned in this article:
Goodrich Petroleum Corp. NYSE: GDP
WellPoint Inc. NYSE: WLP
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