Morning Commentary: Intel bonds modestly active; Acorda Therapeutics’ new notes firm up

By Stephanie N. Rotondo

Phoenix, June 20 – A convertible bond trader said Intel Corp.’s 2.95% convertible notes due 2035 were dominating early trading on Friday.

However, he remarked that overall trading – even in the Intel issue – was “really weak,” seeing only a total of $38 million of convertibles trading as of mid-morning.

Of that amount, $5 million was the Intel issue.

The trader pegged the notes at 122 11/16.

The company’s stock (Nasdaq: INTC) was meantime seen at $30.10, up a penny.

In recently priced deals, Acorda Therapeutics Inc.’s $300 million of 1.75% seven-year convertible notes were quoted at 105.75 bid, 106.25 offered versus a stock price (Nasdaq: ACOR) of $34.50.

The bonds were up slightly from the previous close.

The deal priced late Tuesday via J.P. Morgan Securities LLC.

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