| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers I > Headlines for IAC Group > News item |
Morning Commentary: JPMorgan equity-linked notes tied to Voya, IAC convertibles active
By Abigail W. Adams
Portland, Me., May 2 – JPMorgan Chase Financial Co. LLC’s most recent 0.25% cash-settled equity-linked notes tied to the common stock of Voya Financial, Inc. were active early in Wednesday’s session.
The notes were seen trading between 98 and par with about $10 million on the tape early in the session, a market source said.
JPMorgan set the threshold price for the new 0.25% notes due 2023 on Tuesday at $68.38972 and the conversion rate at 14.6221.
JPMorgan priced its most recent offering of $600 million of the cash-settled equity-linked notes on April 24.
JPMorgan’s first issuance of 0.25% cash-settled equity-linked notes tied to Voya Financial, which also mature on May 1, 2023, saw a flurry of high-volume trading activity late in the afternoon on Tuesday.
The old 0.25% notes traded just south of 99.75 late Tuesday.
The high-volume action surrounding the old 0.25% notes was most likely the result of month-end trading activity with funds looking to either raise money or put money to work, a market source said.
IAC FinanceCo Inc.’s 0.875% convertible notes due 2022 were also major volume movers early in Wednesday’s session. The notes were seen trading in a 110 to 112 range with its stock trading to a low of $131.23 and a high of $135.43.
The notes plunged 11 points outright as the underlying stock dropped more than 13% late in the afternoon on Tuesday. The sell-off of the New York-based media holding company’s stock was sparked by Facebook’s announcement it would soon unveil a new dating feature on its network.
IAC is the parent company to online dating websites Match.com, Plenty of Fish, Tinder and OkCupid.
© 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.