Convertibles generally quiet; Macquarie Infrastructure on tap; Chinese internet paper eyed

By Rebecca Melvin

New York, July 7 – U.S. convertibles put in a quiet session on Monday with more offers than bids and not much trading as market players returned to their screens following the long holiday weekend in observance of U.S. Independence Day. Financial markets closed early on Thursday and remained closed on Friday.

Several traders said that they didn’t really focus on markets on Monday and that many players were still on vacation.

After the market close, Macquarie Infrastructure Co. LLC launched an offering of $250 million of five-year convertible senior notes that were seen pricing on Wednesday together with 10 million shares of common stock.

New York-based Macquarie owns, operates and invests in a diversified group of infrastructure businesses that provide basic services.

Back in established issues, Intel Corp. and WellPoint Inc. were among the most active names in a market that saw generally thin volume.

Chinese internet names also remained in focus, as market players eye ongoing volatility in the space.

Among the convertible names of interest are Vipshop Holdings Ltd., SINA Corp., E-House China Holdings Ltd. and NQ Mobile Inc., which saw its shares slip another dime, or 2%, to $4.48, following a 32% plunge on Thursday.

Shares of the Beijing- and Dallas-based mobile software company plunged after news that its independent auditor has asked to expand the scope of its work in examining the company’s financials.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.