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Morning Commentary: New Lexicon dragged lower with shares; Qihoo adds slightly with higher shares
By Rebecca Melvin
New York, Nov. 21 – Lexicon Pharmaceuticals Inc.’s newly priced 5.25% convertibles traded at par out of the chute early Friday but were seen at 97 bid, 99 offered shortly thereafter on the debut of The Woodlands, Texas-based biopharmaceutical company’s upsized $80 million of seven-year senior notes, which priced at the cheap end of talk.
Lexicon shares were sharply lower at $0.93, which was down 7.5 cents, or 7.5%.
Concurrently with the $80 million bond deal, Lexicon sold $50 million of common shares at $1.005 each, which was Thursday’s closing share price.
Elsewhere, there was a lot of activity in Chinese convertible names.
Qihoo 360 Technology Co. Ltd.’s sister convertibles “traded up, but not a lot,” a New York-based sellsider said.
The Qihoo 0.5% convertibles due 2020, or A tranche, was 90.5 bid, 91.25 offered, the sellsider said. That level was up by about 0.5 point on an outright basis.
The Qihoo 1.75% convertibles due 2021, or the Bs, were quoted at 88 bid, 88.75 offered.
The short-dated Qihoo 2.5% convertibles due 2018 were 101 and change, which was up 1.8 points, according to Trace data.
Shares of the Chinese internet company were up 4.3%.
Other China names were also in trade, including the convertibles of E-House (China) Holdings Ltd. and SouFun Holdings Ltd.
China unexpectedly cut interest rates, boosting those China shares and the broader markets.
The People’s Bank of China said it cut its benchmark one-year loan rate by 0.4 percentage point to 5.6%. It also cut its benchmark one-year deposit rate by 0.25 percentage point to 2.75%.
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