Morning Commentary: Radius convertibles offering in focus early

By Abigail W. Adams

Portland, Me., Sept. 8 – The convertibles primary market returned to action with one deal set to price after the market close on Wednesday.

Radius Global Infrastructure Inc. plans to price $200 million of five-year convertible notes after the market close on Wednesday with price talk for a coupon of 2% to 2.5% and an initial conversion premium of 30% to 35%, according to a market source.

The deal was heard to be in the market with assumptions of 550 basis points over Libor and a 32% vol., according to a market source.

Using those assumptions, the deal looked 1.83 points cheap at the midpoint of talk, sources said.

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