Morning Commentary: SunEdison improves as bonds remain a theme; Iconix 2.5% convertibles add

By Rebecca Melvin

New York, Aug. 13 – SunEdison Inc. remained a theme in the convertibles market on Thursday, and those bonds were “a little bit better across the board” on both an outright and hedged basis, a New York-based trader said.

The SunEdison 3.375% convertibles due 2025 were seen around 72, which was up from about 69 at the end of Wednesday.

Shares of the St. Peters, Mo.-based solar technology company were up $1.32, or 9%, at $15.56, compared to Wednesday’s close at $14.25 – that move was up 6.7% despite a slide earlier in the day.

The SunEdison bonds were significantly weaker on Wednesday, with the newest issues down in excess of 2 points on the day.

Iconix Brand Group Inc.’s 2.5% convertibles due 2016 were higher, quoted at 94 bid, 95 offered with the shares up about 2% at $13.56.

The bonds had dropped last week to 87 and clawed back to about 92 on Monday after news that the New York-based brand management company’s founder and chief executive officer, Neil Cole, is stepping down.

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