Morning Commentary: New Verint trades ‘well’ in early going; Colony tracks up with shares

By Rebecca Melvin

New York, June 13 – Verint Systems Inc.’s newly priced 1.5% convertibles traded “well” in the early going on Friday after the Melville, N.Y.-based security and surveillance business priced an upsized $350 million of the notes through the rich end of coupon talk and at the rich end of premium talk.

The new Verint convertibles due 2021 were trading around 101.75 at late morning with the shares up about 20 cents, or 0.4%, at $48.48.

It was “well received by the outright community and trading well,” a syndicate source said.

The new issue traded initially out of the chute when released for secondary dealings at 101, the source said.

Verint accounted for the lion’s share of trading early Friday. Elsewhere there was a little bit of the Colony Financial Inc. 3.875% convertibles in trade, and they printed up about 0.75 point to 102 in tandem with shares of the Santa Monica, Calif.-based real estate investment and finance company, which were up 2%.

Colony priced a $100 million add-on to this issue this week, raising the deal size to $330 million.

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