Morning Commentary: Convertibles trading volume light; Bilibili below par; iQIYI active

By Abigail W. Adams

Portland, Me., April 16 – The convertibles secondary space was again off to a lethargic start with $49 million on the tape early in Tuesday’s session.

With many on vacation during the truncated holiday week, the slow pace is expected to continue through Thursday’s close.

The securities that priced in recent weeks were among the top traded issues on Tuesday.

Bilibili Inc.’s 1.375% convertible notes due 2026 were again below par after trading just north of par at the end of last week.

The 1.375% convertible notes were changing hands at 97 early in Tuesday’s session, according to a market source. The notes saw about $4 million in reported volume early in the session.

Bilibili stock was $17.30, an increase of 0.67%, shortly before 11 a.m. ET.

The 1.375% convertible notes dropped back to the 97 range on Monday as stock dropped 6.22%.

iQIYI Inc.’s 2% convertible notes due 2025 were also active although largely unchanged early in Tuesday’s session.

The 2% notes were changing hands around 101.875, according to a market source.

With about $5 million on the tape, the 2% notes were the most actively traded early in the session.

iQIYI’s stock was changing hands at $22.60, an increase of 0.71%, shortly before 11 a.m. ET.

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