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Morning Commentary: New NXP Semiconductors adds a point on swap; Workday shares fall
By Rebecca Melvin
New York, Nov. 25 – NXP Semiconductors NV’s new 1% convertibles traded up outright and added on a dollar-neutral, or hedged, basis early Tuesday after the Dutch semiconductor components company priced $1 billion of the new notes at the cheap end of talked terms.
NXP was seen at 100.75 bid, 101.25 offered before the market open, a New York-based trader said. The new bonds traded later at 101.375, according to Trace data.
A second New York-based trader said the bonds were up a point on swap.
NXP shares traded up by as much as 2% but were last up 35 cents, or 0.5%, at $76.53.
Elsewhere, Workday Inc.’s convertibles were getting a look after the Pleasanton, Calif.-based cloud-based computing company posted earnings that sent its shares lower by more than 5%.
The Workday bonds traded some but were not overly active.
Workday’s 0.75% convertibles due 2018 traded at 121.56, which was down 6.8 points outright, according to Trace data.
Workday’s 1.5% convertibles due 2020 were seen at around 133, according to Trace.
Shares fell $5.05, or 5.5%, to $87.47.
Late Monday, the cloud financial and human resources software applications company beat fiscal third-quarter estimates and forecast higher current quarter revenue.
The company lost $59.9 million for the quarter, or 33 cents per share. The adjusted loss was 3 cents per share, which was better than expected.
Revenue was $215.1 million, which was better than the $205.8 million expected.
Overall the convertibles market was described as “pretty quiet.”
There was some trimming of positions ahead of month end, a New York-based trader said. But pricing was steady and things were generally quiet ahead of the Thanksgiving holiday Thursday.
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