Morning Commentary: Ford convertibles trade above par; JetBlue gains in early activity

By Abigail W. Adams

Portland, Me., March 30 – It was an active morning in the convertibles secondary space with end of quarter activity driving trading volume.

There was $102 million on the tape about one hour into the session, according to a market source.

With the convertibles primary market expected to remain quiet for the remainder of the week, several recent deals were improving.

Ford Motor Co.’s 0% convertible notes due 2026 remained active with the notes popping above par.

The 0% notes were changing hands at 100.75 versus a stock price of $12.27 early in the session.

There was about $11 million in reported volume.

Ford’s stock was trading at $12.38, an increase of 1.85%, shortly before 11 a.m. ET.

JetBlue Airways Corp. 0.5% convertible notes due 2026 were also posting gains on an outright basis.

The notes were up about 3 points outright as stock surged more than 4%.

The 0.5% notes were changing hands at 107.375 versus a stock price of $19.85 early in the session.

There was about $7 million of the bonds on the tape.

JetBlue’s stock was trading at $20.40, an increase of 4.08%, shortly before 11 a.m. ET.

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