Morning Commentary: New Fiat Chrysler adds; new IGI trades around issue; AmTrust exchange eyed

By Rebecca Melvin

New York, Dec. 11 – Fiat Chrysler Automobiles NV’s newly priced 7.875% mandatory convertibles traded up in the early going Thursday after the automaker priced $2.5 billion of the two-year securities at the cheap end of talked terms.

The new Fiat Chrysler mandatories were quoted at 101.5 with shares opening slightly lower.

Fiat Chrysler also issued common shares at $11.00 each, which was a discount to the $11.47 share closing price on Wednesday.

IGI Laboratories Inc.’s new 3.75% convertibles traded at issue to slightly lower against lower shares. The Buena, N.J.-based generic pharmaceutical company priced $125 million of the five-year senior notes at the cheap end of coupon talk and the midpoint of premium talk.

The new IGI convertibles were seen at 99.5 to 100 with the underlying shares down about 1.7%.

AmTrust Financial Services Inc. priced $158.3 million of new 2.75% convertibles due 2044 to exchange for the lion’s share of the company’s existing 5.5% convertibles.

The exchange also included 2.7 million shares of AmTrust common stock. AmTrust shares were up 60 cents, or 1%, at $58.37 at midday.

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