Morning Commentary: Macquarie Infrastructure, other high-grade names dominate convertibles trading

By Rebecca Melvin

New York, July 22 – Trading in the U.S. convertibles market early Tuesday was mostly in investment-grade names, a New York-based trader said.

Recent new issue Macquarie Infrastructure Co. LLC’s 2.875% convertibles were the No. 1 trader, the trader said. “Guys can’t seem to get enough.”

Macquarie shares were up in the early going but faded toward the unchanged mark by late morning after reaching a record high on Monday.

Citrix Systems Inc. was also trading actively as shares of the Fort Lauderdale, Fla.-based cloud computing company gained about 1.5% in the early going.

Elsewhere, there was a seller in the Teleflex Inc. 3.875% convertibles due 2017, and those convertibles changed hands at 174.95 early Tuesday with shares of the Pennsylvania-based medical device maker at $105.21, which was up 0.2%.

“Looks like a dealer needed out; the print looks low,” the trader said of Teleflex.

Teleflex announced it has received regulatory clearance to market a specialty catheter.

© 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.