Morning Commentary: Priceline 1% convertibles add with shares; Energy XXI files for bankruptcy

By Rebecca Melvin

New York, April 14 – U.S. convertibles were firm in light trading early Thursday as stocks paused following their rally on Tuesday and Wednesday. Priceline Group Inc.’s 1% convertible due 2018 was the single most active issue with more than $45.5 million of those bonds having changed hands, according to Trace data.

The Priceline 1% convertibles were up about 0.8 point at 146.88, with shares of the online travel site higher by $15.00, or 1%, at $1,332.90.

The second most active issue, according to Trace data, was Energy XXI Ltd.’s 3% convertible due 2018, with $12.5 million of bonds having traded.

The Bermuda-based oil and natural gas company confirmed that it has filed for Chapter 11 bankruptcy protection from creditors and is implementing a financial restructuring plan.

The market was expecting the filing, and the Energy XXI convertibles were trading little changed at 0.625 to 0.75, according to a New York-based trader. Energy XXI shares were trading under 20 cents per share.

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