Newmont Mining, Royal Gold trade; Workday As down on swap; primary poised to restart

By Rebecca Melvin

New York, Aug. 28 – Newmont Mining Corp. traded flattish on Thursday – or about a point lower compared to recent levels – as U.S. convertibles were generally quiet and equity markets slipped in light participation as the long holiday weekend for Labor Day drew closer.

Newmont’s 1.625% convertibles due 2017 changed hands little changed at 107.25 in early trading, when shares of the Denver-based gold and copper mining company were up by about 1%.

Royal Gold Inc.’s 2.875% convertibles due 2019 also traded and were called “in line to up a touch dollar neutral,” with shares of the Denver-based royalty stream company on the rise. The bonds were quoted at 109 bid, 109.5 offered with the underlying shares at $76.50.

Elsewhere, Workday Inc.’s dual-tranche convertibles traded lower outright and were lower and flat on a dollar-neutral, or hedged, basis, as shares of the Pleasanton, Calif.-based cloud-based enterprise software company slumped following the company’s better-than-expected quarterly results.

Workday also guided higher for full-year revenue, but shares still sagged, apparently amid concerns related to its guidance not to expect profits until fiscal year 2016.

MercadoLibre Inc., which is a typically illiquid name, also traded, with the 2.25% convertibles changing hands at 112.5, 112.625 and 112.75 versus an underlying share price for the Argentina-based Latin American version of eBay of $114.00.

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