Morning Commentary: Convertibles see bid in some energy names, few trades in pre-holiday session

By Rebecca Melvin

New York, Dec. 24 – There was a bid in some of the very illiquid energy convertible names early Thursday as the market followed stock prices, a New York-based trader said.

Most of the trading action was on Wednesday, however, and Thursday’s session saw some trades, but it was lighter as the holiday-shortened trading week before Christmas wound down, the trader said.

Financial markets will close early on Thursday and will remain shut on Friday for Christmas Day. Markets will reopen on Monday for a second holiday-shortened week.

One of the illiquid energy names that saw a bid on Thursday was Hornbeck Offshore Services Inc. That company’s 1.5% convertibles due 2019 bounced around on Wednesday, trading between 53.9 and 58.5 and were last at 56.

Shares of the Covington, La.-based provider of offshore supply vessels were up 14 cents, or 1.3%, at $10.76 in early action on Thursday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.