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Morning Commentary: Square remains in focus in mixed trading; holiday volume decent; Esperion on tap
By Rebecca Melvin
New York, Nov. 11 – Square Inc. remained in focus as convertibles traded lightly mixed in decent volume on the Veterans Day holiday on Wednesday.
Square’s 0.5% convertibles due 2023 bounced back a bit, adding about 10 points in the early going after suffering a drop of nearly 26 points on Tuesday. The bonds were seen changing hands at 236.7, according to Trace data.
“You may see more of the equity-sensitive type names trading because there are more equity guys involved today with the Veterans Day holiday,” a market source said.
Square’s $1 billion of newly-priced convertibles hit the market on Tuesday and traded down amid lower common shares. On Wednesday, the older Square convertibles – those with more equity sensitivity – were seeing a fair amount of trading action. The bond markets are closed for the holiday while the equity markets remain open.
Also in trading action in the early going were the new Liberty Media Corp. notes, which are exchangeable for Live Nation Entertainment Inc. common shares.
The 0.5% Liberty/Live Nation exchangeables due 2050 traded at 100.625 in strong volume.
After the market close, Esperion Therapeutics Inc. is expected to price its $200 million offering of five-year convertible notes. The notes of the Ann Arbor, Mich.-based pharmaceutical company were being talked to yield 3.5% to 4% with an initial conversion premium of 20% to 25%.
Morgan Stanley & Co. LLC is left lead of the Rule 144A deal with Jefferies & Co. also a bookrunner, and JMP Securities, Stifel, Nicolaus & Co. Inc., Needham and BTIG acting as co-managers.
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