Midday Commentary: Convertibles quiet to start week; Citrix lower in line; Dollar trades at 96.25

By Rebecca Melvin

New York, April 28 - The convertibles market was quiet early Monday, with no individual names standing out from overall volume, which was "OK," a New York-based trader said.

Citrix Systems Inc. was seen lower in line with the underlying shares, at 99.75 bid, 100.25 offered for the new 0.5% convertibles versus a share price of $58.75. The convertibles had a positive debut on Friday.

The level was in line with the underlying shares of the Fort Lauderdale, Fla.-based cloud computing solutions company, which shed about 1% in the early going.

On Friday, the Citrix 0.5% bonds went out 100.375 bid, 100.635 offered with the shares at $59.42.

Elsewhere, DFC Global Corp.'s 3.25% convertibles due 2017 traded at 96.25, which was off a point or so from early in the month, when they surged to more than 97 from about 85. DFC (Dollar) shares were toggling the flat line early Monday at $9.34.

The DFC securities had jumped April 3 on news that the Berwyn, Pa.-based financial services company is being acquired by private equity firm Lone Star Funds LLC for $9.50 per share in cash.

© 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.