Morning Commentary: Pluralsight convertibles improve; Caesars Entertainment notes active

By Abigail W. Adams

Portland, Me., March 11 – The convertible secondary space was off to a quiet start early Monday with $47 million on the tape early in the session.

Pluralsight Inc.’s 0.375% convertible notes due 2024 continued to dominate trading activity with more than $7 million changing hands about one hour into Monday’s session.

The 0.375% notes continued to trade up on an outright basis with stock on the rise. The notes were changing hands around 101.5.

Stock was up about 1% to $29.97.

Caesars Entertainment Corp.’s 5% convertible notes due 2024 were also active with the notes up on an outright basis as stock continued its upward momentum.

The 5% notes were up about 1 point to 141.125, a market source said. Caesars stock was up to $8.53, an increase of 0.95% shortly before 11 a.m. ET.

Caesars stock has been on the rise since Friday on news Carl Icahn is now the largest investor in the gaming corporation.

Icahn recently purchased 38.9 million shares at $8.50, raising his stake in the company to 15.5%.

Icahn now has the ability to appoint three members of the board of directors and will have input on the next chief executive officer, Bloomberg reported.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.