Midday Commentary: Renewable trades little changed at 103; Alcatel-Lucent launches €1 billion

By Rebecca Melvin

New York, June 2 - U.S. convertibles traded quietly on the first day of a new trading month early Monday, a New York-based trader said.

"There were only $22 million of bonds traded in the first hour for all converts," the trader said.

Among names in focus, Renewable Energy Group Inc.'s 2.75% convertibles, which debuted on Friday, were seen to have changed hands little moved at 103, according to Trace data, with the underlying shares of the Ames, Iowa-based biodiesel producer toggling the flat line.

There were no new issues launched in the U.S. convertibles market. But in Europe, Alcatel-Lucent launched a Regulation S offering of €1 billion of convertible senior notes in two series, including €600 million of 5.5-year notes talked to yield.0% with a 35% to 40% initial conversion premium, and €400 million of 6.5-year notes, talked to yield 0% to 0.25% with a premium of 32% to 37%.

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