Morning Commentary: Vipshop convertibles trade up with stock; Rayonier mandatories lose ground

By Stephanie N. Rotondo

Seattle, June 2 – A trader said Vipshop Holdings Ltd.’s 1.5% convertible notes due 2019 were on the active side early Friday, though overall liquidity was limited.

The trader saw the convertibles trading in a 102 to 103 range, adding that the stock (NYSE: VIPS) started the session higher at $14.30.

The trader noted that the equity had come in a bit from those highs, though it was still up on the day.

However, there was no fresh news out on the Chinese specialty online retailer to spark the movements.

Meanwhile, Rayonier Advanced Materials Inc.’s 8% series A mandatory convertible preferred stock (NYSE: RYAMPrA) was losing ground, even as the underlying equity ticked upward.

At mid-morning, the preferreds were off $3.38, or 2.67%, at $123.48. The company’s shares (NYSE: RYAM) were up 70 cents, or 4.25%, to $17.19.

Like Vipshop, there was no fresh news to act as a catalyst.

Rayonier is a Jacksonville, Fla.-based chemical company specializing in cellulose-based products.

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