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MOVERS AND SHAKERS

08 March 2019

Highlighting Significant Price Moves

In this note, we attempt to highlight some of the more significant movements in the convertible market over the past month. We base our analysis on the universe of more liquid convertibles in each of the three main regions, for which we consider convertibles with a principal amount outstanding of at least $150mn or equivalent.

In the first set of tables, we highlight for each region the largest price moves in percentage terms, over the month, which could be considered analogous to the price return of a long-only holding of a position in the respective instrument.

Top 10 Convertible Price Increases

Name Price Last month Change Eqy Chg
Impala Platinum 6.375% 07-Jun-2022 12575.0 9600.0 31.0% 55.8%
Vallourec 4.125% 04-Oct-2022 5.3 4.2 27.7% 51.6%
Impala Platinum 3.250% 07-Jun-2022 119.4 96.3 24.0% 55.8%
Sibanye Gold 1.875% 26-Sep-2023 93.3 83.4 11.8% 36.7%
Inmarsat 3.875% 09-Sep-2023 119.5 107.6 11.1% 8.2%
ICA Gruppen / Industrivarden 0.000% 15-May-2019 120.9 109.3 10.6% 11.6%
Casino / Rallye 5.250% 01-Feb-2022 80.4 73.1 10.1% 8.1%
Ageas / Fortis FRESH 3m Euribor +135 bps Perp 55.5 51.5 7.8% 6.8%
Remy Cointreau 0.125% 07-Sep-2026 136.6 128.1 6.7% 12.8%
LVMH 0.000% 16-Feb-2021 B+W 363.6 342.7 6.1% 8.0%
Name Price Last month Change Eqy Chg
Wayfair 0.375% 01-Sept-2022 166.4 121.8 36.6% 51.4%
Wayfair 1.125% 01-Nov-2024 155.6 115.2 35.0% 51.4%
Sea Limited 2.250% 01-Jul-2023 128.3 97.5 31.6% 53.5%
Etsy 0.000% 01-Mar-2023 203.2 162.8 24.8% 30.4%
New York Times / Mexican Consortium 5.1875% 01-Dec-2020 PEPS 159.4 129.3 23.3% 27.8%
Motorola/Liberty Interactive (Qurate) 3.500% 15-Jan-2031 77.0 63.1 21.9% 22.4%
iQIYI 3.750% 01-Dec-2023 127.5 107.6 18.5% 35.0%
MercadoLibre 2.000% 15-Aug-2028 122.3 104.1 17.5% 26.0%
Euronet Worldwide 1.500% 01-Oct-2044 186.1 159.9 16.4% 16.8%
Chart Industries 1.000% 15-Nov-2024 160.3 138.1 16.1% 18.2%
Name Price Last month Change Eqy Chg
Lenovo 3.375% 24-Jan-2024 115.6 103.2 12.0% 24.0%
Terumo Corp 0.000% 06-Dec-2021 177.2 163.1 8.6% 9.9%
Seven Group 2.200% 05-Mar-2025 101.8 94.2 8.1% 22.5%
CITIC Securities / Khazanah 0.000% 08-Feb-2023 102.3 95.0 7.7% 19.3%
Xero 2.375% 04-Oct-2023 100.3 93.4 7.4% 9.1%
MIRAIT 0.000% 30-Dec-2021 130.5 123.0 6.1% 10.6%
GMO Payment Gateway 0.000% 19-Jun-2023 114.7 108.4 5.8% 17.8%
Fortescue Metals / Valin 0.000% 15-Nov-2021 110.0 105.0 4.8% 7.3%
Vingroup 3.500% 14-Jun-2023 106.9 102.3 4.5% 9.7%
Zhen Ding Technology 0.000% 26-Jun-2019 105.0 101.3 3.6% 13.2%

Top 10 Convertible Price Decreases

Name Price Last month Change Eqy Chg
Ubisoft 0.000% 27-Sep-2021 70.8 81.9 -13.6% -18.1%
Hurricane Energy 7.5% 24-Jul-2022 132.4 143.6 -7.8% -13.8%
Sainsbury 2.875% step-up Perp 100.7 107.8 -6.6% -19.7%
Sainsbury 1.250% 21-Nov-2019 100.5 106.5 -5.6% -19.7%
TAG Immobilien 0.625% 01-Sep-2022 121.3 128.2 -5.4% -7.0%
LEG Immobilien 0.500% 01-Jul-2021 185.1 193.2 -4.2% -4.2%
Immofinanz 1.5% Step Down 24-Jan-2024 115.3 118.8 -2.9% -5.5%
SAS 3.625% 01-Apr-2019 101.0 104.0 -2.8% -4.4%
Deutsche Wohnen 0.325% 26-Jul-2024 108.2 111.2 -2.7% -5.9%
CA Immobilien Anlagen 0.750% 04-Apr-2025 115.2 118.2 -2.5% -5.1%
Name Price Last month Change Eqy Chg
Novavax 3.750% 01-Feb-2023 31.9 68.3 -53.4% -69.9%
Karyopharm Therapeutics 3.000% 15-Oct-2025 55.2 80.1 -31.1% -51.2%
Sanchez Energy 6.500% Perp Pfd B 0.69 0.79 -12.7% -16.7%
Evolent Health 1.500% 15-Oct-2025 79.9 88.0 -9.1% -25.4%
Neurocrine Biosciences 2.250% 15-May-2024 124.3 135.8 -8.5% -12.4%
Intl Flavors & Fragrances 6.000% 15-Sep-2021 PEPS 49.8 53.7 -7.3% -10.1%
Priceline (Booking Hldgs) 0.350% 15-Jun-2020 132.9 142.6 -6.8% -7.4%
Herbalife 2.000% 15-Aug-2019 131.3 139.6 -5.9% -6.0%
Benefitfocus 1.250% 15-Dec-2023 115.4 122.5 -5.8% -12.2%
Endeavour Mining 3.000% 15-Feb-2023 93.4 98.8 -5.4% -11.6%
Name Price Last month Change Eqy Chg
CyberAgent 0.000% 19-Feb-2025 100.0 105.0 -4.7% -1.0%
LIXIL 0.000% 04-Mar-2022 95.5 98.5 -3.0% -5.5%
Mitsubishi Chemical 0.000% 29-Mar-2024 101.5 104.1 -2.5% -11.9%
Toray 0.000% 31-Aug-2021 109.7 112.1 -2.2% -3.9%
Sony Corp 0.000% 30-Sep-2022 124.0 126.5 -1.9% -2.3%
Chugoku Electric Power 0.000% 24-Jan-2020 105.5 107.5 -1.9% -2.7%
Country Garden Holdings 4.500% 05-Dec-2023 111.9 114.0 -1.8% -6.7%
Chugoku Electric Power 0.000% 25-Jan-2022 110.1 112.1 -1.8% -2.7%
Mitsubishi Chemical 0.000% 30-Mar-2022 100.9 102.8 -1.8% -11.9%
DCM Holdings 0.000% 21-Dec-2020 115.3 117.2 -1.7% -2.3%


In the following set of tables, we highlight the most significant absolute changes in the US dollar market value of the convertible instruments. These are the convertibles that we expect will have contributed to the greatest extent to the change in value of the market, or any similarly market value-weighted long-only portfolio, over the month.

Top 10 Convertible Market Value Increases

Name MV/US$mn Last month Change
Anglo American / Volcan 4.125% 11-Apr-2020 PEPS 3968.5 3813.9 154.6
Bayer 5.625% 22-Nov-2019 PEPS 3852.0 3709.2 142.8
Anglo American / Volcan 3.875% 10-Oct-2020 PEPS 2774.3 2658.5 115.8
Inmarsat 3.875% 09-Sep-2023 776.4 699.1 77.4
Dassault Aviation / Airbus 0.000% 14-Jun-2021 1467.9 1398.3 69.6
LVMH 0.000% 16-Feb-2021 B+W 1090.9 1028.1 62.8
Impala Platinum 3.250% 07-Jun-2022 298.5 240.8 57.8
Impala Platinum 6.375% 07-Jun-2022 290.7 235.1 55.6
Ageas / Fortis FRESH 3m Euribor +135 bps Perp 790.0 738.7 51.3
Vallourec 4.125% 04-Oct-2022 220.0 173.7 46.3
Name MV/US$mn Last month Change
Alibaba Group / SoftBank 5.750% 01-Jun-2019 PEPS 13457.7 12485.6 972.2
Wayfair 1.125% 01-Nov-2024 894.5 662.5 232.0
Microchip 1.625% 15-Feb-2025 2950.9 2721.3 229.6
Wayfair 0.375% 01-Sept-2022 717.5 525.4 192.1
Sea Limited 2.250% 01-Jul-2023 737.9 560.6 177.3
Microchip 1.625% 15-Feb-2027 2384.0 2220.1 163.9
MercadoLibre 2.000% 15-Aug-2028 1076.1 915.7 160.4
iQIYI 3.750% 01-Dec-2023 956.3 806.9 149.4
Etsy 0.000% 01-Mar-2023 700.9 561.7 139.2
Palo Alto Networks 0.750% 01-Jul-2023 1891.4 1769.5 121.9
Name MV/US$mn Last month Change
Lenovo 3.375% 24-Jan-2024 780.5 696.7 83.8
Terumo Corp 0.000% 06-Dec-2021 420.1 395.4 24.6
Haier Electronics / Qingdao Haier 0.000% 21-Nov-2022 1034.6 1011.1 23.5
CITIC Securities / Khazanah 0.000% 08-Feb-2023 328.2 304.6 23.5
Xero 2.375% 04-Oct-2023 301.0 280.2 20.8
Vingroup 3.500% 14-Jun-2023 480.9 460.4 20.5
Kunlun 1.625% 25-July-2019 $-settled 630.4 611.8 18.7
PSBC Postal Savings Bk China / CSIC 0.000% 01-Feb-2025 969.5 951.4 18.1
Zhongsheng 0.000% 23-May-2023 571.1 553.2 17.9
Fortescue Metals / Valin 0.000% 15-Nov-2021 390.5 372.6 17.9

Top 10 Convertible Market Value Decreases

Name MV/US$mn Last month Change
Ubisoft 0.000% 27-Sep-2021 589.1 686.9 -97.8
Deutsche Wohnen 0.325% 26-Jul-2024 985.9 1020.9 -35.0
LEG Immobilien 0.500% 01-Jul-2021 632.3 665.0 -32.7
Steinhoff 1.250% 11-Aug-2022 1101.0 1132.2 -31.2
Deutsche Wohnen 0.600% 05-Jan-2026 971.2 1000.2 -29.0
Sainsbury 1.250% 21-Nov-2019 601.7 630.7 -29.0
Hurricane Energy 7.5% 24-Jul-2022 304.6 330.2 -25.6
TAG Immobilien 0.625% 01-Sep-2022 361.7 385.3 -23.6
KPN / America Movil 0.000% 28-May-2020 3388.5 3411.6 -23.1
Sainsbury 2.875% step-up Perp 334.8 354.6 -19.8
Name MV/US$mn Last month Change
Novavax 3.750% 01-Feb-2023 103.6 222.1 -118.5
Priceline (Booking Hldgs) 0.350% 15-Jun-2020 1328.6 1425.7 -97.1
Advanced Micro Devices 2.125% 01-Sep-2026 2435.7 2519.8 -84.1
Intl Flavors & Fragrances 6.000% 15-Sep-2021 PEPS 821.5 886.4 -64.8
Neurocrine Biosciences 2.250% 15-May-2024 643.0 702.9 -59.9
Caesars Entertainment 5.000% 01-Oct-2024 1595.7 1653.8 -58.1
Herbalife 2.000% 15-Aug-2019 886.3 942.3 -56.0
Karyopharm Therapeutics 3.000% 15-Oct-2025 95.2 138.2 -42.9
Priceline (Booking Hldgs) 0.900% 15-Sep-2021 1096.9 1134.1 -37.2
CenterPoint Energy 7.000% 01-Sep-2021 PEPS B 1024.9 1055.6 -30.7
Name MV/US$mn Last month Change
Sony Corp 0.000% 30-Sep-2022 1336.5 1393.9 -57.4
Mitsubishi Chemical 0.000% 29-Mar-2024 683.7 717.5 -33.8
Mitsubishi Chemical 0.000% 30-Mar-2022 679.8 708.3 -28.5
LIXIL 0.000% 04-Mar-2022 514.8 543.0 -28.2
Yamada Denki 0.000% 28-Jun-2019 931.3 956.2 -24.9
Kyushu Electric Power 0.000% 31-Mar-2020 696.8 721.2 -24.5
Kyushu Electric Power 0.000% 31-Mar-2022 703.9 726.8 -22.9
Toray 0.000% 31-Aug-2021 492.6 515.1 -22.5
Country Garden Holdings 4.500% 05-Dec-2023 1116.7 1137.6 -20.9
Chugoku Electric Power 0.000% 25-Jan-2022 494.6 514.9 -20.3

Philip Kramer, CFA
+44 20 8081 3775
philip.kramer@fisglobal.com
Tatyana Hube, CFA
+1 646 445 8334
tatyana.hube@fisglobal.com
Will Weichhart
+44 20 8081 2078
william.weichhart@fisglobal.com
Monis Data
+44 20 8081 2700
monis.data@fisglobal.com

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