Morning Commentary: Starwood Property, Colony edge up; older NuVasive moves higher

By Rebecca Melvin

New York, March 14 – The U.S. convertibles market opened up on a quieter note on Monday compared to how it went out on Friday when there was a large, new deal in the market and equities and oil were higher.

On Monday, there was a pair of real estate-related names that changed hands. Starwood Property Trust Inc.’s 4% convertibles due 2019 gained about a point outright to trade at 99.25 in the early going, according to Trace data. Shares of Starwood Property, a Greenwich, Conn.-based commercial mortgage company, were flat to slightly lower.

Neither of Starwood Property’s other two convertibles were seen to have traded, including the Starwood Property 3.75% convertibles or the Starwood 4.55% convertibles.

Colony Financial Inc.’s 5% convertibles due 2023 were also higher, trading at 89.35, according to Trace data, which was up from 86.5 to 88.5 in trading action last week.

Shares of Colony, a Santa Ana, Calif.-based real estate investment and financial company, were down in the early going.

Former convertibles issuer Starwood Hotels and Resorts Worldwide Inc. was in the news after the White Plains, N.Y.-based hotel operator received an unsolicited buyout bid from Anbang Insurance Group of China.

Meanwhile NuVasive Inc.’s older 2.75% convertibles, which are being repurchased by the company with proceeds of a new deal, was a little stronger, trading at 123 early Monday, up from 122.5 on Friday.

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