Morning Commentary: Upsized Weatherford jumps on debut; upsized Softbank/Alibaba deal around par

By Rebecca Melvin

New York, June 2 – Weatherford International Ltd.’s new 5.875% exchangeable traded up in the early going Thursday after the international oilfield services company priced an upsized $1.1 billion of the five-year senior notes at terms that were mixed compared to talk, a New York-based trader said.

The new Weatherford convertibles were seen up at 104.5 bid, 106 offered, with the underlying shares down about 3%.

Also in the primary market, Softbank Group Corp. priced an upsized $5.5 billion of mandatory securities exchangeable into Alibaba Group Holding Ltd. Those securities were seen in the market around par after the paper came at the cheap end of talked terms for a 5.75% rate and a 17.5% initial exchange premium.

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