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Midday Commentary: New Nvidia trades around par after early weakness; Stanley Black & Decker adds
By Rebecca Melvin
New York, Nov. 26 - Nvidia Corp.'s newly priced 1% convertibles due 2018 recovered ground early Monday along with strength in the underlying shares after initial trades below par, market players said.
The $1.3 billion Nvidia deal priced at the midpoint of talked terms for a 1% coupon and 30% premium late Monday.
The new bonds were seen at 100.375 bid, 100.625 offered with shares of the Santa Clara, Calif.-based graphics processor company trading as high as $14.67 in the early going. Initially, the new bonds were seen at 99.875 bid, 100.125 offered before the market open.
Stanley Black & Decker Inc.'s newly priced 6.25% mandatory equity units were higher in the early going after the New Britain, Conn.-based provider of power hand tools priced $300 million of the unis at the midpoint and rich end of talked terms.
Stanley Black & Decker's new units were seen at 101.5 bid, 101.9 offered, a New York-based syndicate source said. The company's shares slipped in early trade and were about $80.50, which was down about 15 cents at late morning.
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