Morning Commentary: Holiday weighs on convertible market activity; Inphi mixed; Ashford up

By Stephanie N. Rotondo

Seattle, April 13 – The shortened holiday week continued to constrain activity in the convertible bond market on Thursday.

“There’s nothing going on,” a New York-based trader said, noting that as of mid-morning, a third of the trading volume was tied up in names like Priceline Group Inc. and Intel Corp.

Away from those go-go names, Inphi Corp.’s convertible bonds were trading a little.

The 1.125% convertible notes due 2020 were pegged in a 131.20 to 131.40 context in early dealings. That compared to levels near 130 at the open.

As for the 0.75% convertible notes due 2021, they were seen at 106.75. Those notes were trading closer to 110.5 at the end of March.

The company’s stock (NYSE: IPHI) was up $1.19, or 2.66%, at $45.86 in morning trading.

However, there was no news out on the Westlake Village, Calif.-based semiconductor company.

In the convertible preferred stock space, there was a weaker tone in early dealings. But Ashford Hospitality Prime Inc.’s 5.5% series B cumulative convertible preferreds (NYSE: AHPPrB) was bucking that trend, rising a dime to $19.85.

But again, there was no fresh news to act as a catalyst.

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