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Morning Commentary: Synchronoss active; Neurocrine holds in; Blackstone Mortgage in market
By Stephanie N. Rotondo
Seattle, May 1 – Synchronoss Technologies Inc.’s 0.75% convertible notes due 2019 were topping the charts in early Monday trading, according to one New York-based sellside source.
But while the issue was seen dominating overall trading, the source deemed the debt unchanged in an 86 to 86.25 range.
“Somebody’s into a 7.4% yield,” he said.
The underlying stock (Nasdaq: SNCR) was off nearly 5% in early trading.
The name started to move toward center stage on Tuesday when the Bridgewater Township, N.J.-based technology company announced the departure of two top executives and also downwardly revised its first-quarter guidance to levels well below what analysts were expecting.
The news initially resulted in a 9-point decline for the convertibles, though the equity didn’t fare much better.
On Friday, Moody’s Investors Service and S&P Global Ratings said they were considering downgrading the company’s credit ratings.
Meanwhile, Neurocrine Biosciences Inc.’s $450 million of 2.25% convertible senior notes due 2024 – a deal priced late Wednesday – were seen in a 104.75 to 105 context.
The company’s equity (Nasdaq: NBIX) had improved almost 1% at mid-morning.
The issue came richer than the 2.5% to 3% yield talk. The initial conversion premium of 42.5% was on the rich side of the 37.5% to 42.5% talk.
Barclays and Jefferies LLC ran the books.
As for the current week’s calendar, Blackstone Mortgage Trust Inc. said it was offering $250 million of convertible senior notes due May 1, 2022.
Price talk is for a 3.875% to 4.375% yield and an initial conversion premium of 15% to 20%. Pricing is expected after Monday’s close.
Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, BofA Merrill Lynch, Barclays and J.P. Morgan Securities LLC are running the books.
A trader said he hadn’t seen any gray markets for the deal, though he speculated that quotes could start to jump out after the company holds its investor call at 11 a.m. ET.
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