Midday Commentary: New TTM Technologies adds in active trade; planned Spectrum shares lower

By Rebecca Melvin

New York, Dec. 17 - TTM Technologies Inc.'s newly priced 1.75% convertibles traded actively early Tuesday and looked to be up about a point on a dollar-neutral, or hedged, basis after the Santa Ana, Calif.-based printed circuit board maker priced an upsized $220 million of the seven-year notes at the midpoint of talked terms.

The registered deal was the single most actively traded issue in the convertibles space, with more than $170 million changing hands by late morning, according to Trace data.

Market sources said that the new TTM convertible was trading on both an outright and swap basis. A recent swap trade was completed at 100.606 versus an underlying share price of $7.66, a New York-based trader said. He said the new paper looked to be up about a point on swap.

It also traded up to 101.25, according to Trace data, while TTM shares were down 3 cents, or nearly 0.5%, at $7.68 at late morning.

There was little else trading among established issues, two traders said.

Meanwhile, Spectrum Pharmaceuticals Inc. was in focus ahead of that company's expected post close pricing of $100 million of five-year convertibles. Shares of the Irvine, Calif.-based cancer-drug developer slumped 7% in the early going on the heels of the company's deal launch late Monday.

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