Qihoo, other Asian internet names up again in active trade; Isis improves; Teva at parity

By Rebecca Melvin

New York, April 9 – Convertibles players continued to bid up Asian internet names on Thursday after a busy day in those names on Wednesday, with gains of between 0.5 point and 2 points on swap across the sector, a New York-based trader said.

Qihoo 360 Technology Co. Ltd.’s 1.75% convertibles due 2021, or the B tranche, were on the high end of that range, up about 2 points on swap, the trader said.

Ctrip.com International Ltd.’s 1.25% convertibles due 2018 traded up to 109.75, and YY Inc.’s 2.25% convertibles due 2019 changed hands at 97.25, which was up 1.25 points.

“There was more follow through from Asia with the Hang Seng rallying so aggressively,” the trader said. “It’s cooling off now, but it was very hyper this morning, and they went straight up.”

Isis Pharmaceuticals Inc.’s 2.75% convertibles gained with shares of the Carlsbad, Calif.-based gene-based drug developer ending stronger after a midsession dip with the broader market.

The Isis 2.75% convertibles were quoted up at 390 by the close from 376 earlier. That was a gain of about 0.25 point on swap.

Teva Pharmaceutical Industries Ltd.’s 0.25% convertibles due 2026 also continued to see heavy volume and were higher even as outright sellers took profits on higher shares of the Israel-based generic and branded drugmaker.

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