Ctrip.com trades a little over par despite lower shares; Inphi bond adds; Retrophin surges

By Rebecca Melvin

New York, Sept. 7 – Two new deals in the U.S. convertibles market traded in line to a little better out of the chute upon release for secondary dealings on Wednesday.

“Both deals seem to have been taken in and absorbed by the market pretty well,” a New York-based trader said.

The new Ctrip.com International Ltd. 1.25% convertibles due 2022 were trading around 100.875 at late morning against shares that were lower. The Shanghai-based travel services provider priced an upsized $900 million of the new senior notes at the rich end of talked terms.

The deal came concurrently with an upsized 28.5 million American Depositary Shares. The shares were down 67 cents, or 1.5%, at $45.275 at late morning and closed down $1.01, or 2.2% to $44.95.

Inphi Corp.’s newly priced 0.75% convertibles due 2021 traded up to 101.875 after the Santa Clara, Calif.-based communications chip maker priced an upsized $250 million of the five-year senior notes at the rich end of coupon talk and at the midpoint of premium talk.

Inphi’s common shares closed down 55 cents, or 1.3%, to $41.18.

Back in established issues, Retrophin, Inc.’s 4.5% convertibles were indicated up at 139.5 on Wednesday from a previous level of 116.3. The move was in tandem with a surge in the underlying shares of the San Diego-based biopharmaceutical company to $20.81, which was up $4.49, or 28%, on the day.

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