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AMD active, trades ‘in line’ with shares; other newer issues quiet; equity markets rebound
By Rebecca Melvin
New York, Sept. 12 – Advanced Micro Devices Inc.’s 2.125% convertibles continued to trade actively on Monday after the $700 million issue debuted in the market on Friday. The AMD bonds stabilized right around par after some selling pulled it below par and despite a higher price for the common stock that underlies the bond.
“The AMD definitely traded actively, and it was flat, or right about in line,” a New York-based trader said.
AMD dominated the session’s trading action, but otherwise the convertible market was particularly quiet despite a rebound in U.S. equity markets.
U.S. stocks snapped back after a slump on Friday amid rate fears. The Dow Jones industrial average rose 239.6 points, or 1.3% to 18,325.07; the S&P 500 stock index gained 31.23 points, or 1.5%, to 2,159.04; and the Nasdaq stock market rose 85.98 points, or 1.7%, to 5,211.89.
Meanwhile, Citrix Systems Inc.’s 0.5% convertibles due 2019 changed hands down about a point to 112.37, according to Trace data. The lower price came despite a better common stock for the Fort Lauderdale, Fla.-based cloud computing company. Shares were up 19 cents, or 1%, at $17.08.
Fellow tech name, NXP Semiconductors NV also crossed the Trace tape, with the NXP 1% convertibles due 2019 trading at 109.5, which was essentially unchanged on the day.
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