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Morning Commentary: Coupa Software remains in focus; China-based convertibles active
By Abigail W. Adams
Portland, Me., June 10 – The convertibles secondary market launched the week with decent trading volume as equities continued their upward momentum.
Coupa Software Inc.’s newly priced 0.125% convertible notes due 2025 remained in focus with the notes continuing to post gains on an outright basis with stock again on the rise.
The 0.125% convertible notes were changing hands just north of 106, according to a market source.
The notes remained the most actively traded in the secondary space with about $7 million on the tape a little over one hour into Monday’s session.
Coupa stock was $127.62, an increase of 5.35%, shortly before 11 a.m. ET.
The notes saw a strong start in the secondary space on their Friday debut, closing out the day around 103. They were expanded about 2 points dollar-neutral, sources said.
Meanwhile, China-based online entertainment companies were also active early in Monday’s session.
Bilibili Inc.’s 1.375% convertible notes due 2026 were active and making gains with stock up slightly.
The 1.375% convertible notes rose almost 2 points outright to change hands at 90.75, a market source said.
There were about $6 million of the bonds on the tape early in the session.
The Shanghai-based online entertainment company’s ADSs traded up to $15.17, an increase of 2.5%, shortly before 11 a.m. ET.
iQIYI Inc.’s 3.75% convertible notes due 2023 were also among the volume movers early in the session.
The notes traded up to 104.25 with the Beijing-based online entertainment service provider’s ADSs also on the rise.
The 3.75% notes also saw about $6 million in reported volume early in the session.
iQIYI’s more recently priced 2% convertible notes due 2025 were up about 2 points to 93.25 with about $3 million on the tape.
iQIYI’s ADSs were $18.40, an increase of 2.91%, shortly before 11 a.m. ET.
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