Morning Commentary: Convertibles quiet again; light volume focused on Ares Capital, Intel

By Rebecca Melvin

New York, Dec. 22 – U.S. convertible bonds were mostly quiet again in secondary trading early Tuesday with Ares Capital Corp. and Intel Corp.’s among the few names that were seen changing hands as the holiday-shortened week proceeds, market players said.

Financial markets are closed on Friday for Christmas.

Ares Capital’s 5.75% convertibles due 2016 traded little changed at 100, as did Ares Capital’s 5.125% convertibles due 2016, according to Trace data.

Intel’s 3.25% convertibles due 2039 traded at 167.25, which was up 1.4 points on an outright basis, and Intel’s 2.95% convertibles due 2035 traded at 128.9, which was up a point, according to Trace data.

The paper of both issuers are liquid, more money-market issues.

Most energy names were quiet after dropping in the previous few sessions.

Cobalt International Energy Inc.’s convertibles were not in trade after dropping on Monday.

Cobalt’s 2.625% convertibles were seen unchanged at 56 bid, 57 offered, and Cobalt’s 3.125% convertibles due 2024 were last at 52.25.

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