Morning Commentary: New Unisys lifts above par in active trade with lower shares; CSG Systems adds

By Rebecca Melvin

New York, March 10 – Unisys Corp.’s newly priced 5.5% convertibles were up about 0.5 point on an outright basis on Thursday with shares lower after the Blue Bell, Pa.-based information technology company priced an upsized $190 million of the five-year senior notes at the cheap end and midpoint of talked terms.

The new Unisys convertibles were at 100.45, according to Trace data. Unisys shares were down 42 cents, or 5%, at $7.55.

CSG Systems International Inc.’s newly priced 4.25% convertibles traded up by 1.5 points with lower shares after the Englewood, Colo.-based business services company priced $200 million of the 20-year senior notes at mixed terms compared to initial talk.

The new CSG Systems convertibles were 101.875, according to Trace data, with shares down $1.82, or 4.5%, at $39.08.

Unisys traded more actively than CSG Systems.

“They are doing pretty well,” a New York-based trader said of both bonds.

“Unisys got a [Moody’s] downgrade and the stock got hammered yesterday, but it’s doing pretty well,” the trader said.

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