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Morning Commentary: Ares Capital, Neurocrine Biosciences convertible notes active
By Abigail W. Adams
Portland, Me., Sept. 14 – The convertibles primary market was dormant early in Monday’s session.
However, with equity benchmarks rebounding from last week’s volatility, sources are expecting an active week for new deal activity.
The convertibles secondary space was equally quiet at the launch of Monday’s session with $62 million in reported volume about one hour into the session.
Ares Capital Corp.’s convertible notes and Neurocrine Biosciences Inc.’s 2.25% convertible notes due 2024 accounted for the majority of volume on the tape early in the session.
Ares Capital’s 4.625% convertible notes due 2024 and 3.75% convertible notes due 2022 saw heavy volume as the company’s stock started to trade ex-dividend.
The 4.625% notes were changing hands around 103.75 with about $10 million in reported volume, a source said.
The 3.75% convertible notes continued to trade around 102.5 with $5 million on the tape.
Ares Capital stock was changing hands at $14.26, an increase of 0.6%, shortly before 11 a.m. ET.
Stock began trading ex-dividend on Monday with a dividend payment of 4 cents to be disbursed on Sept. 30.
Neurocrine Biosciences’ 2.25% convertible notes due 2024 also saw heavy volume as stock soared following the release of positive data from a gene therapy treatment for Parkinson’s Disease in development.
The 2.25% convertible notes gained about 4 points outright with stock up more than 6%.
The notes were changing hands at 147 early in Monday’s session with $10 million in reported volume.
Neurocrine stock was 106.54, an increase of 6.13%, shortly before 11 a.m. ET.
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