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Morning Commentary: Earnings, French election weigh on liquidity; Great Plains gives up some gains
By Stephanie N. Rotondo
Seattle, April 21 – Trading in the convertible bond market was muted going into early Friday, according to one sellside source.
He noted that earnings season was playing a role, as investors waited to see how the first quarter fared. He also remarked that “everything is on hold for the French election.
“Everybody’s using that as an excuse,” he added.
That race has been contentious, with at least four different candidates on the block, representing the far-left to the far-right and all points in between.
The mandatory convertible preferred space was on the active side, however. A trader commented that such securities “trade well,” given that they are “fairly easy to track.”
“They really trade efficiently,” he said.
Great Plains Energy Inc.’s 7% series B mandatory convertible preferred stock (NYSE: GXPPrB) remained notable, as the market digested news from Wednesday regarding the company’s proposed merger with Westar Inc.
As previously reported, regulators at the Kansas Corporation Commission unanimously voted against the $12.2 billion merger.
The convertible preferreds traded up in Thursday trading but were slightly weaker at mid-morning on Friday. The preferreds were seen off 4 cents at $54.21.
The underlying common stock (NYSE: GXP), however, continued to inch higher.
Anthem Inc.’s 5.25% equity units due 2018 (NYSE: ANTX) were also busier following reports out Thursday that the health insurance company was in talks with the Justice Department over its merger with Cigna Corp.
Anthem denied the reports, however.
The units were off 55 cents, or 1.1%, at $49.49. The company’s shares (NYSE: ANTM) were down 79 cents at $167.28.
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