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Morning Commentary: New ON Semiconductor a bit higher, shares buoy that trade; market quiet
By Rebecca Melvin
New York, June 3 – ON Semiconductor Corp.’s newly priced 1% convertible bonds due 2020 were quoted higher on their debut in secondary market action on Wednesday after the Phoenix-based semiconductor company priced $600 million of the senior notes at the rich end of talked terms.
ON Semiconductor’s new 1% bonds were quoted at 101.875 by a New York-based sellside desk, but that desk hadn’t traded the bonds yet.
On Semiconductor’s shares were up 43 cents, or 3.3%, at $13.42.
The deal was trading actively but not broadly, sources said.
Otherwise the convertibles market was pretty quiet, sources said.
“We were busier yesterday; but, maybe it will pick up in the afternoon,” one sellsider said.
A second trader said that a big chunk of the day’s volume was in ON Semiconductor and that otherwise much of the trading was scant.
“I’m doing research; looking for ideas,” a second New York-based sellsider said.
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