New Insulet in line to better on debut; old Insulet slips; Ctrip.com, Inphi remain firm

By Rebecca Melvin

New York, Sept. 8 – Insulet Corp.’s new 1.25% convertibles due 2021 traded actively and in line to slightly better on a dollar-neutral, or swap, basis on Thursday after the Bedford, Mass.-based medical device maker priced an upsized $300 million of the five-year senior notes at the rich, or tight, end of talked terms.

The Insulet 1.25% convertibles were seen late in the session at 100.5 to 101.5 against the common shares that were down about 50 cents, or 1%.

Insulet’s older 2% convertible due 2019, a chunk of which is being repurchased with proceeds of the new deal, traded down, or came in, somewhat.

Other new or recently priced issues were also trading in the convertibles market on Thursday.

Ctrip.com International Ltd.’s 1.25% convertibles due 2022, a $900 million issue that debuted in the market on Wednesday, traded at 101, which was up about 0.5 point on the day, versus the underlying American Depositary Shares that were up 41 cents, or 0.9%, at $45.36 at the close. The shares of the Shanghai-based travel services provider had dropped hard when the convertibles issue, along with a secondary stock offering, were announced on Tuesday.

Inphi Corp.’s 0.75% convertible due 2021, which also debuted in the convertibles market on Wednesday, traded little changed at 101.25. While the common shares of the Santa Clara, Calif.-based communications chip maker were down 23 cents, or 0.6%, at $40.95 at the market close.

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