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Morning Commentary: Convertibles from China-based companies active in early trading
By Abigail W. Adams
Portland, Me., May 14 – There was a healthy amount of convertibles trading volume on the tape early in Tuesday’s session as equities rebounded from a brutal start to the week.
About $78 million of convertible bonds were on the tape about one hour into Tuesday’s session. However, few names saw concentrated trading activity, a market source said.
The convertible notes of China-based corporations were active early in the session.
iQIYI Inc.’s 2% convertible notes due 2025 were making slight gains on an outright basis although stock was largely flat.
The Beijing-based media streaming company’s 2% notes rose about 0.5 point outright to change hands at 96.5 early in the session.
Its American Depositary Shares were changing hands at $20.09, an increase of 0.42%, shortly before 11 a.m. ET.
Huazhu Hotels Group Ltd.’s 0.375% convertible notes due 2022 were trading around 106.125 early in Tuesday’s session with about $3 million of the bonds on the tape.
The Shanghai-based hotel management company’s American Depositary Shares were trading at $36.29, an increase of 2.25%, shortly before 11 a.m. ET.
Ctrip.com International Ltd.’s 1.99% convertible notes due 2025 were changing hands around 106.375 early in Tuesday’s session.
The notes also saw about $3 million in reported volume.
Ctrip.com’s American Depositary Shares were trading at $38.80, an increase of 1.92%, shortly before 11 a.m. ET.
The Shanghai-based travel agency was rumored to be considering pricing a new convertible notes offering of up to $800 million in April.
However, the deal has yet to surface.
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