Morning Commentary: Convertibles quiet as week winds down; Micron Technology bonds trade

By Rebecca Melvin

New York, Nov. 14 – U.S. convertibles were quiet early Friday as equities treaded water after notching a string of record highs in recent sessions.

The Dow Jones industrial average was down 6 or 8 points after closing at record highs for six of the last seven session. It was last at 17,644.44.

“It’s dead,” a New York-based trader said of Friday’s convertibles session.

A second New York-based trader said his desk was light on personnel and hadn’t traded many names actively.

Showing up on the Trace tape were two Micron Technology Inc. convertibles, including its $1 billion-plus 3% convertibles due 2043, which changed hands at 150.354, and the Micron 1.625% convertibles due 2033, a $300 million issue, which traded at 295.

Shares of the Boise, Idaho-based chipmaker were last down 1% at $32.58.

The 3% bonds were higher against lower shares compared to trades last August. But the 1.625% convertibles, or the E series, were in line compared to where shares were last August.

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