Morning Commentary: Four new issues debut in market; Ligand, EnerNOC trading around par

By Rebecca Melvin

New York, Aug. 13 – There were four new deals in the convertibles market on Wednesday morning.

Ligand Pharmaceuticals Inc.’s newly priced 0.75% convertibles traded “wrapped around 100” after the San Diego, Calif.-based biopharmaceutical company priced $225 million of the five-year senior notes at the midpoint of talk, a New York-based trader said.

EnerNOC Inc.’s newly priced 2.25% convertibles also traded at 100 after the Boston-based energy intelligence software company priced an upsized $160 million of those five-year senior notes at the midpoint and beyond the rich end of talk.

EnerNOC’s underlying shares were down 2% at $19.35 at late morning, and Ligand’s were toggling the flat line and were last seen up 20 cents, or 0.4%, at $55.79.

Also debuting in the market were Rex Energy Corp.’s 6% perpetual convertible preferreds. But those securities were not heard in trade initially after the State College, Pa.-based energy exploration and production company priced an upsized $140 million of the preferred stock at the cheap end of talk.

Apollo Commercial Real Estate Finance Inc.’s 5.5% convertible senior notes traded between 101 and 101.75 in the early going, according to Trace data, after the New York-based real estate investment trust priced a $100 million add-on to the issue at 102, raising the deal size to $258.75 million.

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