Morning Commentary: Convertible notes mostly quiet; SailPoint trades just under par

By Rebecca Melvin

New York, Sept. 23 – The top trading convertible notes in the U.S. market on Monday were the new SailPoint Technologies Holdings Inc. 0.125% notes, which priced last week and were knocking around at just below par in Monday’s session. The shares were little changed at $20.55.

But most of the active names were consistent in terms of market volume. There was not a dominant issue, and the market overall was described as “pretty quiet” by a New York-based market source.

Insulet Corp.’s older 1.375% convertibles due 2024 were trading a little below double par, with the shares of the Billerica, Mass.-based medical device maker up $2.75, or $1.8%, at $158.55 last. The new $660 million Insulet 0.375% convertibles were not seen in trade.

Alder Biopharmaceuticals Inc.’s convertibles continued to trade in a range after surging more than 20 points on an outright basis last week after it was announced that the Bothell, Wash.-based developer of therapeutic monoclonal antibodies signed a definitive agreement to be acquired by H. Lundbeck A/S.

The Alder 2.5% convertibles due 2025 traded last at 110.25, which was up from 109.5 a week ago and up from about 88 prior to that, according to Trace data. Shares on Monday were unchanged at $18.62.

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