Morning Commentary: Ford convertibles gain outright in early trading; market quiet early

By Abigail W. Adams

Portland, Me., March 19 – It was a quiet Friday morning in the convertibles secondary space as equities struggled to find direction following the sell-off in the previous session.

Trading volume was decent with $83 million on the tape about one hour into the session. However, there was a wide breadth to the trading activity with few names seeing more than $5 million in reported volume, a source said.

Ford Motor Co.’s 0% convertible notes due 2026 remained active with the notes rebounding on an outright basis.

The 0% notes traded up to 101 early in the session after closing the previous session at par.

The large, liquid issue continued to dominate the tape with $9 million in reported volume.

Ford’s stock traded up to $12.90, an increase of 3.28%, shortly before 11 a.m. ET.

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