What is the reason for E-trade gains being heavy trading after debt swap?

E-Trade gains in heavy trading after debt swap Associated Press, 08.28.09, 02:03 PM EDT NEW YORK -- Shares of online brokerage E-Trade Financial Corp. Rose in heavy trading Friday, the first day holders of its bonds can convert debt into equity, said a Raymond James analyst. The company on Tuesday completed a $1.74 billion debt exchange in an effort to bolster its capital position amid souring real estate-related investments.

The new debt, split into two classes, is initially convertible into common stock at per-share rates of $1.03 and $1.55, according Morningstar analyst Jason Ren. E-Trade shares rose 11 cents, or 7.6 percent, to $1.56 in afternoon trading. The stock earlier climbed as high as $1.69.

It has ranged from 59 cents to $3.97 over the past year. E-Trade "tends to be a very volatile stock," said Raymond James analyst Patrick O'Shaughnessy. "When it has a big day like this, I just kind of take it in stride."

The debt swap has satisfied E-Trade's regulators, and means ... more.

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