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Morning Commentary: Convertibles market starts week with a yawn, less than $100 million on tape
By Abigail W. Adams
Portland, Me., Feb. 26 – The convertibles market was its typical quiet self on Monday with not much on the tape and little movement in the names that did trade.
“It’s been very quiet overall. There’s nothing meaningfully different,” a market source said.
There was less than $100 million on the tape with most names trading in line dollar neutral, the source said.
However, Intel Corp.’s 3.25% convertible notes due 2039 were seen up about 0.125 point dollar neutral, the source said. The notes were trading around 233 with stock at $48.25, an increase of 1.09%.
In scattered trades, Wayfair Inc.’s 0.375% convertible notes due 2022 continued to trade below par early Monday after the convertible notes dropped more than 13 points on Thursday when the e-commerce company released its fourth-quarter and year-end results.
The notes were trading at 99.625 versus a stock price of $73.00, a decrease of 3.33%. Prior to Feb. 22, the notes traded as high as 116, according to Trace data.
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