Top Axes:
Trading Recap:
So far this week, the StoneX convertibles desk has traded ABNB 0 03/15/26, ALTR 1 ¾ 06/15/27, CBRL 0 ⅝ 06/15/26, CENX 2 ¾ 05/01/28, CRNC 1 ½ 07/01/28, CLSK 0 06/15/30, ENPH 0 ¼ 03/01/25, MCHP 0 ¾ 06/01/30, MKSI 1 ¼ 06/01/30, NET 0 08/15/26, NOVA 2 ⅝ 02/15/28, PAR 1 01/15/30, and TLRY 5.2 06/15/27.
Initial jobless data arrived in-line (223k vs. 220k). Treasuries were flat across the curve and major stock indices closed slightly higher. ASTS 4 ¼ 03/01/32 closed higher, with bonds trading up as higher as +6.5pts outright. This morning, B2Gold (BTG) be trading. See below for UW analysis and reach out to the desk for current markets. Lastly, we were active in TLRY converts, trading TLRY 5.2 06/15/27 and close 94.50-95.25 vs. $1.12.
B2Gold Corp. (BTG) Prices Upsized US$400mm Cvt on the Rich End
- 2.75% Coupon, 35% Premium
- UOP: GCP.
- Assumptions:
- UW: 300 / 40
- StoneX: 350 / 40
- FV:
- UW: 101.6
- StoneX: 100.4
- “In connection with the Offering, B2Gold entered into a cash settled total return swap with respect to approximately US$50 million of Shares with one of the initial purchasers of the Notes. The total return swap is intended to give B2Gold economic exposure to its Shares during the term of the total return swap, which is expected to be approximately one month.”
- Company recently cut divi in ½ from 4 cents to 2 cents = 3.5% Divi yield on $2.27 stock
Key Balance Sheet Items:
Assets:
Cash $431
Mining Interests 3,097
Liab:
Pre-Paid Gold Sales 528
Gold Stream Obligation 161
$700mm Revolver 200 Secured. S+200-250.
Equipment Financing 39
Mkt Cap: $3,092
Description:
B2Gold is a low-cost international gold producer headquartered in Canada, with mines in Mali, Namibia and the Philippines. Additionally, a project under construction in Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland.
Pre-Mkt Convert Stock Movers:
Recent Notes – By Date
Desk Contacts:
Dave Sposito (Head of Desk) – 212-692-5172 – [email protected]
Zach Johannes (Trading) – 973-222-6189 - [email protected]
Denise Dalonzo (Sales) – 917-699-1630 - [email protected]
Walter McNulty (Sales) – 203-219-5837 – [email protected]
Chris Frascella (Sales) – 203-912-7535 – [email protected]
Rob Weaver (Strategist) – 203-399-7023 – [email protected]
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments, and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.
The author(s) responsible for the preparation of this commentary hereby certify that all the views expressed herein accurately reflect their personal views only. The author also certifies that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
This commentary is not research or a recommendation and does not take into account whether any product or transaction is suitable for any particular client. SFI does not produce debt research and therefore this communication is not subject to all of the independence and disclosure standards and other requirements applicable to research reports under FINRA’s research rules. This document is intended for institutional investors only and is not subject to all of the independence and disclosure standards applicable to research reports prepared for retail investors. Clients should assume that this document is not independent of SFI’s proprietary interests. SFI trades, and will continue to trade, the securities covered in this document for its own account and on a discretionary basis on behalf of certain clients. Such trading interests may be contrary to or entered into in advance of this document.
No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc. The views are current only through the date stated and are subject to change at any time based upon market or other conditions, and StoneX Group Inc. disclaims any responsibility to update such views. This material represents an assessment of the market and economic environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. Past performance does not guarantee future results.
StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and is registered with the MSRB. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser.
This commentary is not research or a recommendation and does not take into account whether any product or transaction is suitable for any particular client. SFI does not produce debt research and therefore this communication is not subject to all of the independence and disclosure standards and other requirements applicable to research reports under FINRA’s research rules. This document is only intended for institutional investors, as defined by FINRA Rule 4512(c), and is not subject to all of the independence and disclosure standards applicable to research reports prepared for retail investors. Clients should assume that this document is not independent of SFI’s proprietary interests. SFI trades, and will continue to trade, the securities covered in this document for its own account and on a discretionary basis on behalf of certain clients. Such trading interests may be contrary to or entered into in advance of this document.
No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc. The views are current only through the date stated and are subject to change at any time based upon market or other conditions, and StoneX Group Inc. disclaims any responsibility to update such views. This material represents an assessment of the market and economic environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. Past performance does not guarantee future results.
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