Morning Commentary: Ford convertibles in focus, improve in early trading; market quiet

By Abigail W. Adams

Portland, Me., April 22 – It was another quiet morning in the convertibles secondary space as equities struggled to find direction.

There was $75 million on the tape about one hour into the session.

Ford Motor Co.’s 0% convertible notes due 2026 were in focus with the notes improved outright although they remained below par.

The 0% notes were changing hands at 99.25 versus an equity price of $11.92 early Thursday, a source said.

The notes were the most actively traded in the secondary space with $5.5 million in reported volume.

Ford’s stock was trading at $11.94, an increase of 1.75%, shortly before 11 a.m. ET.

The notes closed out the previous week below par, and they dipped to a 98-handle on Wednesday, a source said.

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