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FXCM slips; SanDisk mixed in active trade; Xilinx contracts; Amyris prices, older Amyris at 80
By Rebecca Melvin
New York, Oct. 15 – U.S. convertibles were mixed in quiet trading on Thursday as equities climbed in the session’s second half to strong closing levels.
Distressed names were “pretty quiet,” a Connecticut-based trader said. There was some action in FXCM Inc.’s 2.25% convertibles due 2018, and those bonds were a little lower at 67.5 with the underlying shares of the New York-based foreign exchange services company better by 2% at $10.23 at the close.
FXCM reported weaker key customer trading metrics for September for its retail and institutional foreign exchange business on Tuesday.
SanDisk Corp. remained mixed in active trade early Thursday amid speculation about a potential merger or acquisition for the Milpitas, Calif.-based flash memory chip maker.
Xilinx Inc.’s 2.625% convertibles due 2017 contracted about 0.5 point on a swap basis after the San Jose, Calif.-based programmable chipmaker reported better-than-expected earnings, a Connecticut-based trader said.
The convertible bond “is just running out of time and going closer to parity,” the trader said, explaining why the bond is lower and shares higher.
The company said it expects sales to grow between 3% and 7% sequentially in the third quarter, and Jefferies raised its stock price target for Xilinx to $48.00 per share from $42.00 and maintained a “hold” rating.
In the primary market, Amyris Inc. priced an upsized $57.6 million of 3.5-year, 9.5% convertible senior notes. The new notes were not heard in trade, but the older Amyris 6.5%, which matures one month after the new paper, traded at 80.
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