Convertibles mixed; Intel active, ‘trading up a storm’; Invacare, Wayfair bonds soften

By Cristal Cody

Tupelo, Miss., Oct. 10 – The convertible bond market was mixed on Tuesday with Intel Corp.’s 3.25% convertible bonds due Aug. 1, 2039 “trading up a storm,” a source said.

Intel’s 3.25% convertible bonds due Aug. 1, 2039 (A2/A) saw more than $80 million in trades, the source said.

“They’re trading around parity – they’re equivocally just waiting for the bonds to get called,” the source said.

The convertibles were last seen at 190.404, compared to where the bonds went out at 190.93 on Monday, according to Trace data.

Intel’s shares closed down 21 cents, or 0.53%, to $39.65.

In other trading on Tuesday, Invacare Corp.’s 4.5% convertible senior notes due June 1, 2022 headed out 4.62 points lower at 113.49, a market source said. Invacare’s shares gained a nickel, or 0.35%, to end the day at $14.25.

The company priced $105 million of the bonds on June 8.

Also on Tuesday, Wayfair Inc.’s $375 million of 0.375% convertible senior notes due Sept. 1, 2022 that priced on Sept. 11 were off more than a point in tandem with the company’s stock, which was down $2.33, or 3.41%, to $65.95, sources reported.

Mentioned in this article:

Intel Corp. Nasdaq: INTC

Invacare Corp. NYSE: IVC

Wayfair Inc. NYSE: W

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