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Morning Commentary: Ctrip.com in focus, 1% convertibles go current; iQIYI tops par
By Abigail W. Adams
Portland, Me., July 1 – The convertible secondary space was active early in Monday’s session as markets rallied on the heels of the trade truce announced at the G-20 summit.
There was $95 million on the tape about one hour into Monday’s session with the convertible notes from China-based issuers in focus.
Ctrip.com International Ltd.’s 1% convertible notes due 2020 were among the most actively traded issues of the day with the notes gaining alongside its equity.
The 1% convertible notes were changing hands around 99.5 early in the session with more than $7 million of the bonds on the tape.
Ctrip.com ADSs traded up to $38.80, an increase of 5.12%, shortly before 11 a.m. ET.
The 1% convertible notes went current on Monday, a market source said. With their maturity now less than one year away, they were no longer considered long-term bonds.
The Shanghai-based online travel services company was rumored to be considering a new convertible notes offering of up to $800 million in April, which never materialized.
However, Ctrip.com’s convertible notes have been active in recent weeks, leading sources to speculate that a new offering may be near at hand.
The 1% convertible notes, which mature on July 1, 2020, currently have $700 million outstanding, a market source said. “They’ll have to do something,” the source said.
iQIYI Inc.’s 2% convertible notes due 2025 were also active early in Monday’s session with the notes topping par as its equity improved amid a broader post- G-20 summit rally.
The 2% notes, which dropped below par in May, traded up to 100.5 early Monday.
iQIYI’s ADSs traded as high as $21.99 early Monday and were changing hands around $21.015, an increase of 1.77%, shortly before 11 a.m. ET.
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