Morning Commentary: Blackhawk remains busy, edges up; energy names lower in line with shares

By Rebecca Melvin

New York, July 25 – Blackhawk Network Holdings Inc.’s 1.5% convertibles due 2022 edged up further in active trade on Monday after the Pleasanton, Calif.-based payment services company’s $460 million of 5.5-year senior notes debuted in the secondary market on Friday.

The Blackhawk follow-through was about the only thing going on in the convertibles market early Monday, two New York-based traders said.

The Blackhawk 1.5% convertibles were trading around 104 versus an underlying common stock price of $37.05, one of the traders said.

Blackhawk shares were up about 59 cents, or 1.6%, at $37.10.

The Blackhawk convertibles expanded about 2 points on swap on Friday and were seen near the market close at 103 bid, 103.5 offered versus an underlying share price of $36.40.

“HAWK is still a focus,” the trader said on Monday.

Elsewhere, there was some lower pricing in the oil patch as crude oil prices slipped. The Weatherford International Ltd. convertibles were a point lower at 113.25. Shares of the international oilfield services company were down 12 cents, or 2%, at $5.70; and Whiting Petroleum Corp.’s 1.25% convertibles due 2020 changed hands down 1.65 points at 78.5, according to Trace data. That was against the common stock of the Denver-based oil and gas company that was down 50 cents, or 6%, at $7.67.

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