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Morning Commentary: Integer convertibles add to gains; Ford notes rise pre-earnings
By Abigail W. Adams
Portland, Me., Feb. 2 – It was an active morning in the convertibles secondary space with a wide range of names in play as badly beaten growth and tech stocks continued to skyrocket post Fed.
Equity indexes were mixed early in the session with the Dow Jones industrial average down 51 points, or 0.15%, shortly before 11 a.m. ET.
However, the S&P 500 index added to Wednesday’s strong gains and was up another 1.41%, the Nasdaq Composite index was up another 2.93% and the Russell 2000 index was up another 1.23% shortly before 11 a.m. ET.
There was $118 million in reported volume about one hour into the session with a wide range of names in play.
Integer Holdings Corp.’s 2.125% convertible notes due 2028 climbed another 1.5 points outright with stock up about 2.5%.
The notes were changing hands at 105 versus a stock price of $69.98 early in the session, according to a market source.
There was $9 million in reported volume.
Integer’s stock was seen at $70.80, an increase of 2.62%, shortly before 11 a.m. ET.
The notes continued to rise after a strong aftermarket debut on Wednesday with the notes up more than 3 points outright and 1.5 to 2 points dollar-neutral.
Ford Motor Co.’s 0% convertible notes due 2026 continued to rise alongside stock with optimism about the earnings to be reported post-close high.
The 0% convertible notes were up more than 2 points outright with stock up more than 4.5%.
The notes were trading at 105.375 early in the session.
Ford’s stock was $14.36, an increase of 4.17%, shortly before 11 a.m. ET.
Ford’s capital structure has made large gains since industry peer General Motors reported a surprise earnings beat earlier in the week.
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