Morning Commentary: Qihoo 360 convertibles, shares ease; Horizon Pharma, Jazz bonds down

By Rebecca Melvin

New York, May 12 – Qihoo 360 Technology Co. Ltd.’s convertibles remained active for a third straight day on Thursday, and their pricing eased, in line with the U.S. listed shares of the China PC and mobile internet security company that underlie the bonds.

Investors are eyeing developments related to Qihoo’s planned investor buyout as China regulators scrutinize that deal and others.

The Qihoo 1.75% convertibles due 2021 traded down about 0.8 point outright to 94.17, according to Trace data.

The Qihoo 0.5% convertibles due 2020 traded at 96.6, which was down 0.6 point on the day. The Qihoo 2.5% convertibles due 2018 were off 0.3 point at 98.625.

The 2.25% convertibles of YY Inc., another China U.S.-listed share, traded up 0.5 point to 96.5.

Elsewhere, Horizon Pharma plc’s 2.5% convertibles due 2022 traded down more than a point to 82.97, according to Trace data.

Horizon shares were down 25 cents, or 1.7%, to $13.77. The company announced that it has entered into a settlement and license agreement with Teligent to resolve pending patent litigation involving Pennsaid 2% topical solution.

Jazz Pharmaceuticals plc’s 1.875% convertibles due 2021 were down 2 points at 110.6 as shares slipped 3% to $144.70.

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