| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for SunEdison, Inc. > News item |
Morning Commentary: SunEdison continues to vex convertibles market as securities contract again
By Rebecca Melvin
New York, Aug. 26 – SunEdison Inc.’s multiple convertible issues were trading actively in the convertibles market in early trading on Wednesday as the vexing name in recent weeks remained a focus.
The SunEdison paper was “in about 1 point on swap on average,” a Connecticut-based trader said.
SunEdison’s newer 2.625% convertibles due 2023 and 3.375% convertibles due 2025, which are referred to as the E and F tranches, were trading with a 59 handle, which was little changed from late Tuesday on an outright basis but considered weaker on a hedged basis as the SunEdison common shares wavered early Wednesday.
SunEdison’s 0.25% convertibles due 2020 and also the SunEdison 2.375% convertibles due 2022 were both trading at the 64 context, according to Trace data.
Meanwhile, the shorter-dated SunEdison 2% convertibles due 2018 were at 84.4.
SunEdison common shares were fluctuating but were last up 5% at $9.20, after plunging 18% on Tuesday.
In the broader markets, equities bounced again in early trade. Durable goods orders for July rose 2.2%, above the expected 0.1% rise but down from a 3.4% gain last month.
Market players continued to weigh the potential for a rate hike in September, but New York Federal Reserve president William Dudley said Wednesday that a September rate hike by the U.S. central bank looks less compelling following recent events, including the meltdown in China’s financial markets.
On Wednesday, the Chinese stock markets remained lower, but the rate of selling slowed. The Shanghai composite stock index closed down 1.3% on Wednesday, following a 7.6% drop on Tuesday and an 8.5% slide on Monday.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.