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Morning Commentary: Convertibles secondary ‘anemic’; Nuance active following buyout
By Abigail W. Adams
Portland, Me., April 12 – The convertibles secondary space started off the week slowly with few names on the tape.
“It’s anemic out there,” a source said.
There was $38 million on the tape about one hour after the opening bell with no names seeing more than $3 million in reported volume.
Nuance Communications Inc.’s deep-in-the-money convertible notes was one of the names on the tape early in Monday’s session following news Microsoft Corp. would buy out the company in an all-cash transaction valued at $19.7 billion.
The artificial intelligence and speech-recognition software company’s 1.25% convertible notes due 2025 shot up 37 points outright.
They were changing hands at 272.5 early in Monday’s session.
The 1% convertible notes due 2035 gained 22 points outright to trade at 214.
Nuance’s stock shot up to $53.24, an increase of 16.82%, shortly before 11 a.m. ET.
Microsoft announced on Monday that it would acquire the company for $56 per share, including debt.
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