Morning Commentary: Convertible space takes a break; Zillow opens unchanged

By Abigail W. Adams

Portland, Me., July 2 – The convertible space is taking a breather in the run up to the mid-week July 4 holiday after clocking the busiest month in the past two years for new deal activity in June.

No new deals are expected prior to the market’s early close on Tuesday and trading volume is expected to remain light.

There was less than $22 million on the tape a little over an hour into Monday’s session, a market source said. “It’s quite dead. Everybody’s off,” the source said.

Zillow Group Inc.’s newly priced 1.5% convertible notes due 2023 continued to trade their second day in the secondary space.

However, the notes were unchanged from Friday’s close, the source said. While Zillow’s 1.5% convertible notes were up outright, they were trading largely flat on a dollar-neutral, or hedged, basis on their market debut on Friday.

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