Intel’s convertible debt rises in active trading; new Acorda 1.75% notes inching higher

By Stephanie N. Rotondo

Phoenix, June 20 – Intel Corp.’s 2.95% convertible notes due 2035 were dominating convertibles trading on Friday.

A market source saw the issue ending the day at just over 122.5. That was up slightly from the previous close but down from the intraday high around 123.25.

Early in the session, a trader remarked that overall trading – even in the Intel issue – was “really weak.”

He had pegged the Intel notes at 122 11/16.

The company’s stock was meantime seen ending 11 cents higher at $30.20.

In recently priced deals, Acorda Therapeutics Inc.’s $300 million of 1.75% seven-year convertible notes were quoted at 105.75 bid, 106.25 offered versus a stock price of $34.50.

The bonds were up slightly from the previous close.

The underlying shares ended the day at $24.98, up 47 cents, or 1.38%.

The deal priced late Tuesday via J.P. Morgan Securities LLC.

The new issue was considered on the cheap side, using a 500 bps credit spread and 35% volatility.

Mentioned in this article:

Intel Corp. Nasdaq: INTC

Acorda Therapeutics Inc. Nasdaq: ACOR

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