Morning Commentary: Alliant Energy convertible notes active, trade below par early

By Abigail W. Adams

Portland, Me., March 3 – The convertibles secondary space remained active early Friday as the sell-off in Treasuries paused and equity indexes recovered after a rocky week.

Markets continued to rise after dovish comments from a Federal Reserve official alleviated some of the rate concerns weighing on markets.

The Dow Jones industrial average was up 122 points, or 0.35%, the S&P 500 index was up 0.76%, the Nasdaq Composite index was up 0.99% and the Russell 2000 index was up 0.34% shortly before 11 a.m. ET.

There was $90 million in reported convertibles trading volume about one hour into the session with new issuance continuing to drive activity in the space.

Alliant Energy Corp.’s 3.875% convertible notes due 2026 (BBB+) were the top traded issue early in the session with the notes largely unchanged.

They continued to trade on a 99-handle with most prints early in the session in the 99.25 to 99.5 area, according to a market source.

There was $16 million in reported volume.

Alliant Energy’s stock was changing hands at $51.56, a decrease of 0.07%, shortly before 11 a.m. ET.

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