Convertibles quiet as Street thins; WellPoint 'traded a lot'; Tesla Motors bonds climb

By Cristal Cody

Tupelo, Miss., April 16 - "Quiet" was the theme of the day for the convertible bond market on Wednesday, a trader said.

"There's not a lot going on," the trader said. "A lot of people are on spring break, plus Friday is a holiday, so a lot of guys are out."

Some names remained active, though.

WellPoint Inc.'s 2.75% bonds due 2042 "traded a lot today," according to a trader.

The company's bonds were last seen at 142.5 bid versus the underlying shares with a 96 handle, the trader said.

WellPoint's stock fell 82 cents, or 0.85%, to close at $95.65 on Wednesday.

The Indianapolis-based health benefits company sold $1.5 billion of the bonds in 2012 at par.

Tesla Motors Inc.'s 1.25% convertible bonds due 2021 were up about 1 point at 89.55, a source said.

The company's shares climbed $5.20, or 2.68%, to end the day at $199.11.

Tesla sold $920 million of the seven-year bonds on Feb. 27 at par.

The Palo Alto, Calif.-based company designs, manufactures and sells electric vehicles.

Mentioned in this article:

Tesla Motors Inc. Nasdaq: TSLA

WellPoint Inc. NYSE: WLP

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