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Morning Commentary: Cardlytics convertible notes expand on debut; Marcus taps market
By Abigail W. Adams
Portland, Me., Sept. 18 – The convertibles secondary space saw more new paper on Friday after two deals totaling $287 million cleared the primary market.
Cardlytics Inc. priced $200 million of five-year convertible notes and the Marcus Corp. price $87 million of five-year convertible notes after the market close on Thursday.
Cardlytics was active early in Friday’s session with the new paper trading up on an outright and dollar-neutral basis.
Outside of the new paper, it was a relatively quiet morning with few notable movers in the space, a source said.
Cardlytics taps market
Cardlytics priced $200 million of five-year convertible notes after the market close on Thursday at par with a coupon of 1% and an initial conversion premium of 32.5%.
Pricing came at the midpoint of talk for a coupon of 0.75% to 1.25% and at the rich end of talk for an initial conversion premium of 27.5% to 32.5%, according to a market source.
The 1% notes were in focus in the secondary space and were trading up on an outright and dollar-neutral basis.
The notes traded as high as 103.5 with the majority of trades between 102.5 to 103.5 with stock off, a source said.
They were expanded dollar-neutral, a source said.
Cardlytics stock was changing hands at $64.05, a decrease of 0.32%, shortly before 11 a.m. ET.
Marcus prices
Marcus priced $87 million of five-year convertible notes after the market close on Thursday at par with a coupon of 5% and an initial conversion premium of 22.5%, according to a market source.
Pricing came at the rich end of talk for a coupon of 5% to 5.5% and at the midpoint of talk for an initial conversion premium of 20% to 25%.
The new paper was not active in the secondary space with the small issue not expected to trade much.
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