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Morning Commentary: Whiting Petroleum’s 1.25% bonds pop; Qihoo remains firm in active trade
By Rebecca Melvin
New York, May 11 – Whiting Petroleum Corp.’s 1.25% convertibles were higher in active trade early Wednesday after the Denver-based oil and gas company said it was going to retire its four series of convertible mandatories, which doesn’t include the 1.25% bond, a New York-based trader said.
The Whiting 1.25% bonds were higher at 71.875 to 72 compared to about 68.75 at the close on Tuesday.
They are up quite a few points as “people reach for Whiting paper,” the trader said.
The overall energy market was quiet. Oil prices started positive on the day and turned negative.
Elsewhere, trading in convertibles was company specific. Qihoo 360 Technology Co. Ltd.’s convertibles remained active at pricing that was firm at the high end of the previous session’s range. The Qihoo 1.75% convertibles due 2021 traded at 95.75, which was up compared to the last trade on Tuesday at 95. On Tuesday that paper rose from 94.
The Qihoo 2.5% convertibles due 2018 were a touch higher at 99.1 compared to 98.9, according to Trace data.
The China PC and mobile internet security company’s convertibles are trading on the back of news that China regulators are scrutinizing its plan to delist from the U.S. stock market and list in China, a trader said.
Qihoo wants to relist in China to take advantage of higher valuations there, but regulators are looking at the market impact of the move.
SINA Corp.’s 1% convertibles due 2018 didn’t trade in early action Wednesday ahead of the Shanghai-based social media company’s earnings report expected after the market close. The SINA bonds had traded on Tuesday between 98.3 and 99.375. SINA shares were fractionally higher early Wednesday.
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