Morning Commentary: Convertibles quiet as earnings remain in focus; DISH bond active, improves

By Rebecca Melvin

New York, Oct. 31 – U.S. convertibles traded quietly and generally weaker going into month end early Monday. But the convertibles market was on track for small gains for October, a New York-based sellsider said.

The main focus of traders remained earnings news, and there are several high-profile reports due out this week, the trader said. Some of the issues tied to large capitalization names like the Alibaba Group Holding Ltd. mandatory are representative of this focus.

The Alibaba mandatory was most recently around 125. The Alibaba American Depositary Shares were at $101.80, which was down fractionally on the day.

DISH Network Corp.’s 3.375% convertible notes due 2026 were trading actively early Monday and were up a bit, recovering from weakness on Friday.

The DISH bond was seen at 114.25, a New York-based trader said, while the DISH common stock was up 75 cents, or 1.3%, at $58.13.

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