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Morning Commentary: New Alcoa mandatories slip in early trading; new TiVo notes trade at 101
By Rebecca Melvin
New York, Sept. 17 – Alcoa Inc.’s newly priced 5.375% mandatory convertible preferreds slipped below par on their debut in the secondary market early Wednesday after the New York-based aluminum producer priced $1.25 billion of the three-year securities at the cheap end of talk, according to market sources.
The new Alcoa mandatories were quoted at 49.4. Alcoa shares were up fractionally.
TiVo Inc.’s newly priced 2% convertibles traded up a point in the early going after the Alviso, Calif.-based digital video recorder company priced $200 million of the seven-year senior notes at the midpoint and cheap end of talk.
The new TiVos were seen in trade at 101. TiVo shares were down 2 cents at $13.69.
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