Integrated Device Technology adds outright on debut; Allergan active, trades in line

By Rebecca Melvin

New York, Oct. 30 – Integrated Device Technology Inc.’s newly priced 0.875% convertibles traded up on an outright basis on their debut in the secondary market on Friday.

The seven-year notes of the San Jose, Calif.-based communications semiconductor company were quoted at 103.65 bid, 104.125 offered with the underlying shares at $25.25, which was a gain of 3.8% in the stock.

The bonds had pushed up strongly out of the chute, but came in somewhat around midday, before edging up a little more with the rise in the shares.

Elsewhere, Allergan plc’s mandatory preferreds continued to trade actively in a continuation of action from Thursday on news of a potential purchase of Allergan by New York-based Pfizer Inc.

The Allergan mandatories were trading in line with the underlying shares, a New York-based trader said.

The Allergan shares were up about 3% from Thursday’s close. On Thursday, the Allergan mandatories were quoted at 104.5 versus an underlying share price of $310.00.

LinkedIn Corp.’s 0.5% convertibles were trading after an earnings beat and Rovi Corp.’s 0.5% convertibles continued to trade actively a day after that company’s earnings miss.

The Rovi convertibles traded at 74.5 versus an underlying share price of $8.69 on Friday. The Rovi shares moved up from that level, which was Thursday’s close. At the end of Thursday, the stock was down 23% after the Santa Clara, Calif.-based software and internet media company reported disappointing quarterly results.

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