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Morning Commentary: Invacare sells new issue; Liberty Expedia deal continues to climb; DISH firms
By Stephanie N. Rotondo
Seattle, June 9 – Another new issue entered the convertible bond market on Friday, as Invacare Corp. brought $105 million of 4.5% five-year convertible senior notes.
The deal priced with an initial conversion premium of 32.5%. The deal was increased from $100 million.
A trader said the new paper had “bounced around a bit” early in the day, trading between 101.5 and 103.125.
At mid-morning, the convertibles were around 102, the trader said.
As for the company’s shares (NYSE: IVC), they were off about 3% in early dealings.
As for other recent issues, Liberty Expedia Holdings Inc.’s $350 million of 1% senior debentures exchangeable for Expedia Inc. stock remained in play.
A trader said the bonds – which priced Thursday with an initial conversion premium of 32.5% – continued to climb, adding “about 1.5 points” to trade in a 104 to 104.5 context.
Expedia’s stock (Nasdaq: EXPE) also remained on an upward trajectory, ticking up a touch at mid-morning.
Away from new issues, a trader said DISH Network Corp.’s 3.375% convertible notes due 2026 were the top trader as of mid-morning, following buzz that the satellite television provider was considering expanding its partnership with Amazon – or even potentially merging with the e-commerce giant.
The trader saw the convertibles moving up a deuce to 124.5, while the stock (Nasdaq: DISH) improved nearly 3%.
Also busy were Pandora Media Inc.’s 1.75% convertible notes due 2020. The bonds were gaining ground on reports it had received a $480 million cash investment from SiriusXM.
The notes were pegged in a 95 to 95.5 area, a gain of nearly 2 points on the day.
The underlying equity (NYSE: P) had added almost 5% by mid-morning.
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