Morning Commentary: Ford convertibles continue to gain; tech sector shows early strength

By Abigail W. Adams

Portland, Me., March 31 – It was an active morning in the convertibles secondary space as the tech sector broke its rout on the final day of the first quarter with the Nasdaq composite popping 1.76% early in Wednesday’s session.

While there was a large amount of volume on the tape, there was a wide breadth to the trading activity with few names seeing more than $5 million in reported volume.

There was $112 million on the tape about one hour into the session, according to a market source.

Ford Motor Co.’s 0% convertible notes due 2026 continued to dominate the tape with the notes grinding higher.

The 0% notes were changing hands just shy of 101.375 versus an equity price $12.39 early in the session, according to a market source.

There was more than $22.5 million on the tape.

Ford’s stock was changing hands at $12.30, a decrease of 1.24%, shortly before 11 a.m. ET.

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