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Morning Commentary: Convertible bonds little moved in early trades; new issue pipeline lackluster
By Stephanie N. Rotondo
Phoenix, March 11 – It was slow going in the convertible bond market early Wednesday, according to a trader.
“It’s really quiet,” he said. He noted that it has been subdued in the space for some time, as there were fewer ideas to go around.
As such, that has created a high demand for new issues.
“Everything that comes just gets sucked up,” he said.
However, supply has been quite limited.
“There’s no pipeline anymore, there’s just an announcement,” he said. Most deals that have come have been of the mandatory convertible variety, he remarked, which means they tend to be registered. “Everything is overnight on registered paper.”
In secondary dealings, the trader said that most of the action – what little there is – has been in commodities and energy, given the volatility currently circling that arena.
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