Morning Commentary: Quiet morning in convertibles space; market waits to see what week brings

By Abigail W. Adams

Portland, Me., June 4 – The convertibles space was quiet early in Monday’s session with large technology names active on the tape, a market source said.

Workday Inc.’s 0.25% convertible notes due 2022 remained active in the secondary space with the notes seen trading at 108 with stock off about 0.5%.

The notes have been active since Friday when the company’s stock slid after reporting its first-quarter earnings report.

While equity markets started the day strong, many were on the sidelines waiting to see what the week brings.

“People are waiting to see if it’s going to be more of a primary or secondary week,” a market source said.

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