Morning Commentary: New II-VI 0.25% convertible notes surge 4 points in first-day trading

By Rebecca Melvin

New York, Aug. 24 – II-VI Co.’s newly priced 0.25% convertible notes were an outperformer in the convertibles market early Thursday, trading up about 4 points on a dollar-neutral, or hedged, basis in decent volume after the Pittsburgh-based engineered materials company priced $300 million of the five-year notes at the tight end and toward the tight end of talked terms.

The new II-VI convertibles due 2022 were last quoted at 104.75 bid, 105.50 offered with the stock at $35.75.

The new paper accounted for about half the day’s volume so far, the market source said.

“This thing is definitely an outperformer,” the source said.

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