Morning Commentary: New, upsized SailPoint about par in secondary action; new RWT adds

By Rebecca Melvin

New York, Sept. 20 – The new SailPoint Technologies Holdings Inc.’s 0.125% convertibles were little changed early Friday after the Austin, Tex.-based security software company priced an upsized $350 million of the five-year paper at the tight end of talked terms.

The deal was upsized from $300 million and came at the rich end of talk for a 0.125% to 0.625% coupon and 32.5% to 37.5% premium.

The deal was quoted at par bid.

“The SAIL priced at the tight end of the range and upsized. It was higher in the gray, but par bid on the break,” a New York-based trading source said.

The new RWT Holdings Inc. 5.75% exchangeables added in secondary market action after the real estate investment trust subsidiary priced $175 million of the 2025 exchangeables.

Those “performed really well,” the trading source said.

They are not overly sensitive to the underlying stock, which is Redwood Trust Inc.’s common, and they were quoted 100.25 to 100.625 bid at the break.

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