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MOVERS AND SHAKERS

07 January 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 the EMEA and US 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 both regions 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
Anglo American / Volcan 4.125% 11-Apr-2020 PEPS 130.7 118.7 10.2% 11.6%
Anglo American / Volcan 3.875% 10-Oct-2020 PEPS 121.7 110.8 9.8% 11.6%
Iberdrola / ACS 1.625% 27-Mar-2019 116.5 110.7 5.3% 6.5%
Kering / Artemis 0.000% 31-Mar-2023 119.6 115.6 3.5% 7.2%
GN Store Nord 0.000% 31-May-2022 B+W 112.3 108.7 3.3% 5.6%
Impala Platinum 6.375% 07-Jun-2022 9300.0 9000.0 3.3% 11.2%
Sibanye Gold 1.875% 26-Sep-2023 76.7 74.6 2.8% 17.9%
Impala Platinum 3.250% 07-Jun-2022 90.4 88.0 2.7% 11.2%
LVMH 0.000% 16-Feb-2021 B+W 318.2 311.7 2.1% 2.2%
Korian 2.500% step-up Perp 41.7 40.9 2.0% -8.9%
Name Price Last month Change Eqy Chg
TESARO 3.000% 01-Oct-2021 218.0 148.9 46.5% 60.1%
MINDBODY 0.375% 01-Jun-2023 99.0 87.0 13.8% 31.1%
Endeavour Mining 3.000% 15-Feb-2023 97.6 87.7 11.3% 34.9%
Air Transport Services 1.125% 15-Oct-2024 95.7 87.4 9.6% 23.1%
Palo Alto Networks 0.000% 01-Jul-2019 170.0 156.6 8.5% 8.9%
Clovis Oncology 1.250% 01-May-2025 70.3 64.9 8.3% 4.4%
First Majestic Silver 1.875% 01-Mar-2023 90.4 84.6 6.8% 22.7%
Clovis Oncology 2.500% 15-Sep-2021 84.0 78.8 6.7% 4.4%
Palo Alto Networks 0.750% 01-Jul-2023 99.4 95.9 3.6% 8.9%
Atlassian 0.625% 01-May-2023 127.3 123.0 3.5% 3.5%
Name Price Last month Change Eqy Chg
China Railway Construction 0.000% 29-Jan-2021 115.6 110.3 4.8% 8.4%
H.I.S. 0.000% 15-Nov-2024 105.4 103.9 1.4% 4.2%
Zhen Ding Technology 0.000% 26-Jun-2019 102.9 101.9 1.0% 2.4%
Haier Electronics / Qingdao Haier 0.000% 21-Nov-2022 94.6 93.8 0.9% 5.7%
China Railway Construction 1.500% 21-Dec-2021 $-settled 99.2 98.3 0.9% 8.4%
Beijing Enterprises Water / Khazanah 0.000% 23-Sep-2021 96.9 96.2 0.8% -11.9%
DCM Holdings 0.000% 21-Dec-2020 119.2 118.2 0.8% 1.9%
Hon Hai Precision 0.000% 06-Nov-2022 FX-Linked $-settled 94.3 93.7 0.7% -1.5%
China Overseas Land & Inv 0.000% 05-Jan-2023 106.6 105.9 0.7% -1.5%
LIXIL 0.000% 04-Mar-2022 96.8 96.1 0.7% -7.4%

Top 10 Convertible Price Decreases

Name Price Last month Change Eqy Chg
Steinhoff 1.250% 21-Oct-2023 46.0 52.5 -12.4% -16.0%
Implenia 0.500% 30-Jun-2022 87.8 99.5 -11.8% -35.2%
Ageas / Fortis FRESH 3m Euribor +135 bps Perp 51.0 57.7 -11.7% -7.8%
Fugro 4.000% 26-Oct-2021 83.6 94.5 -11.5% -29.7%
MTU Aero 0.125% 17-May-2023 138.5 155.2 -10.8% -13.7%
Borr Drilling 3.875% 23-May-2023 80.1 89.4 -10.4% -20.7%
LEG Immobilien 0.500% 01-Jul-2021 171.9 191.4 -10.2% -10.3%
Vodafone 2.000% 25-Feb-2019 84.9 94.2 -9.9% -9.5%
NMC Health 1.875% 30-Apr-2025 82.4 90.7 -9.1% -17.0%
Fresenius Medical Care 1.125% 31-Jan-2020 103.6 111.6 -7.2% -21.2%
Name Price Last month Change Eqy Chg
Sanchez Energy 6.500% Perp Pfd B 1.5 3.6 -57.2% -61.4%
Nabors Industries 6.000% 01-May-2021 PEPS A 17.7 26.9 -34.1% -38.1%
Cincinnati Bell 6.750% Perp Pfd 28.1 40.5 -30.6% -37.4%
Belden 6.750% 15-Jul-2019 PEPS Dep Shr (1/100th) 57.6 76.3 -24.5% -25.1%
Rayonier Advanced Materials 8.000% 15-Aug-2019 PEPS A 82.4 105.6 -22.0% -27.8%
Square 0.375 % 01-Mar-2022 244.6 302.3 -19.1% -19.7%
Chesapeake Energy 4.500% Perp Pfd 42.4 51.7 -17.9% -28.1%
Hess Corp 8.000% 01-Feb-2019 PEPS 49.9 60.3 -17.4% -24.8%
Intrexon 3.500% 01-Jul-2023 70.0 83.9 -16.5% -33.3%
Micron Technology 3.000% 15-Nov-2043 (Exch) G 111.1 132.7 -16.3% -17.7%
Name Price Last month Change Eqy Chg
SBI Holdings 0.000% 14-Sep-2022 135.2 166.3 -18.7% -16.2%
Kunlun 1.625% 25-July-2019 $-settled 121.2 145.1 -16.5% -12.4%
GMO Payment Gateway 0.000% 19-Jun-2023 101.6 117.7 -13.7% -33.0%
Terumo Corp 0.000% 06-Dec-2021 157.3 174.8 -10.0% -6.9%
Toray 0.000% 31-Aug-2021 108.0 117.7 -8.2% -13.3%
Relo Group 0.000% 22-Mar-2021 102.8 111.9 -8.1% -17.5%
Minebea Mitsumi 0.000% 03-Aug-2022 109.0 118.5 -8.0% -13.7%
Sony Corp 0.000% 30-Sep-2022 120.1 129.8 -7.5% -10.3%
Medipal Holdings 0.000% 07-Oct-2022 114.2 122.3 -6.7% -9.4%
Toray 0.000% 30-Aug-2019 100.8 107.9 -6.6% -13.3%


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 Price Last month Change
Anglo American / Volcan 4.125% 11-Apr-2020 PEPS 3330.2 3023.0 307.2
Anglo American / Volcan 3.875% 10-Oct-2020 PEPS 2324.6 2116.4 208.3
Telecom Italia 1.125% 26-Mar-2022 2154.5 2131.8 22.8
LVMH 0.000% 16-Feb-2021 B+W 954.6 934.9 19.6
Kering / Artemis 0.000% 31-Mar-2023 512.6 495.5 17.2
Iberdrola / ACS 1.625% 27-Mar-2019 313.5 297.8 15.7
GN Store Nord 0.000% 31-May-2022 B+W 288.8 279.7 9.1
Sibanye Gold 1.875% 26-Sep-2023 294.6 286.5 8.1
Impala Platinum 6.375% 07-Jun-2022 210.3 203.5 6.8
Impala Platinum 3.250% 07-Jun-2022 226.0 220.1 5.9
Name Price Last month Change
TESARO 3.000% 01-Oct-2021 438.8 299.6 139.2
Palo Alto Networks 0.750% 01-Jul-2023 1682.8 1623.8 59.0
Atlassian 0.625% 01-May-2023 1272.8 1229.8 43.0
MINDBODY 0.375% 01-Jun-2023 307.5 270.3 37.2
Endeavour Mining 3.000% 15-Feb-2023 321.9 289.4 32.6
Herbalife 2.000% 15-Aug-2019 932.6 909.8 22.8
Air Transport Services 1.125% 15-Oct-2024 247.7 226.0 21.7
Palo Alto Networks 0.000% 01-Jul-2019 270.9 249.6 21.3
IAC FinanceCo 0.875% 01-Oct-2022 688.7 671.6 17.1
Clovis Oncology 1.250% 01-May-2025 210.9 194.8 16.1
Name Price Last month Change
China Railway Construction 0.000% 29-Jan-2021 578.2 551.7 26.5
China Overseas Land & Inv 0.000% 05-Jan-2023 1598.9 1588.1 10.8
Haier Electronics / Qingdao Haier 0.000% 21-Nov-2022 967.2 958.2 8.9
China Railway Construction 1.500% 21-Dec-2021 $-settled 498.0 493.4 4.6
LIXIL 0.000% 04-Mar-2022 529.2 525.3 3.9
H.I.S. 0.000% 15-Nov-2024 239.9 236.6 3.3
Beijing Enterprises Water / Khazanah 0.000% 23-Sep-2021 386.6 383.6 3.0
Zhen Ding Technology 0.000% 26-Jun-2019 292.8 289.8 2.9
DCM Holdings 0.000% 21-Dec-2020 216.9 215.1 1.8
Chugoku Electric Power 0.000% 25-Mar-2020 454.4 452.7 1.7

Top 10 Convertible Market Value Decreases

Name Price Last month Change
Vodafone 2.000% 25-Feb-2019 1556.6 1727.0 -170.4
Bayer 5.625% 22-Nov-2019 PEPS 3506.7 3644.7 -138.0
Ageas / Fortis FRESH 3m Euribor +135 bps Perp 728.9 825.3 -96.3
MTU Aero 0.125% 17-May-2023 791.7 887.2 -95.4
Steinhoff 1.250% 21-Oct-2023 578.2 660.3 -82.1
LEG Immobilien 0.500% 01-Jul-2021 589.7 656.7 -67.0
Dassault Aviation / Airbus 0.000% 14-Jun-2021 1344.0 1406.3 -62.3
Ageas / Fortis CASHES 3M Euribor +200 bps Perp 818.0 866.6 -48.5
Airbus 0.000% 01-Jul-2022 642.7 683.1 -40.4
NMC Health 1.875% 30-Apr-2025 370.7 407.9 -37.2
Name Price Last month Change
Alibaba Group / SoftBank 5.750% 01-Jun-2019 PEPS 10194.0 11880.3 -1686.3
Becton Dickinson 6.125% 01-May-2020 PEPS 2847.3 3137.6 -290.3
Advanced Micro Devices 2.125% 01-Sep-2026 1959.2 2215.2 -256.0
Micron Technology 3.000% 15-Nov-2043 (Exch) G 1132.1 1352.2 -220.1
DISH Network 3.375% 15-Aug-2026 2430.0 2641.2 -211.2
Caesars Entertainment 5.000% 01-Oct-2024 1391.8 1584.0 -192.3
Molina Healthcare 1.125% 15-Jan-2020 903.5 1059.1 -155.6
Novellus Systems (Lam Research) 2.625% 15-May-2041 997.1 1141.4 -144.2
Intel 3.250% 01-Aug-2039 2761.0 2902.1 -141.1
Sarepta Therapeutics 1.500% 15-Nov-2024 954.7 1094.3 -139.6
Name Price Last month Change
Kunlun 1.625% 25-July-2019 $-settled 591.1 707.7 -116.6
Sony Corp 0.000% 30-Sep-2022 1312.1 1418.5 -106.4
SBI Holdings 0.000% 14-Sep-2022 205.5 252.7 -47.2
PSBC Postal Savings Bk China / CSIC 0.000% 01-Feb-2025 934.2 980.7 -46.5
Toray 0.000% 31-Aug-2021 491.8 535.9 -44.1
Terumo Corp 0.000% 06-Dec-2021 378.0 420.2 -42.1
Toray 0.000% 30-Aug-2019 458.9 491.6 -32.7
Yamada Denki 0.000% 28-Jun-2019 936.9 966.7 -29.8
GMO Payment Gateway 0.000% 19-Jun-2023 157.3 182.3 -25.0
3SBio 0.000% 21-July-2022 375.5 398.4 -22.9

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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