Allegheny Technologies moves back toward par; Salesforce flat to slightly better; Tesla up

By Rebecca Melvin

New York, May 20 – Allegheny Technologies Inc.’s 4.75% convertibles improved slightly on Friday after the $250 million issue put in a weak debut in the convertibles market on Thursday.

Allegheny Technologies’ 4.75% convertibles ended the session at about 99.3 with shares down 2 cents at $11.23. That pricing was stronger compared to earlier in the session when they were quoted at 98.5 to 99 by a New York-based trader, against shares around $11.25 to $11.28. On Thursday the bonds went out at 98.5 to 99 with shares at $11.25.

Salesforce.com Inc.’s 0.25% convertibles due 2018 were firm to slightly better on swap after a 3-point outright jump on Thursday, trading at late morning on Friday at 132.3 according to Trace data. Shares of the cloud software company were up about 0.3% to 0.5% at $81.45.

The shares slipped into the red and closed down 7 cents to $81.02 on the day, with the last print on the bonds down 0.5 point at 131.85.

Micron Technology Inc. was in focus on Friday and traded better in tandem with a 7% climb in the underlying shares of the Boise, Idaho-based chipmaker.

Also trading actively in Friday’s session were two of Tesla Motors Inc.’s convertible bonds along with stronger shares for the electric car maker.

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