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Morning Commentary: Convertibles trading light as equities drop; Palo Alto, JOYY active
By Abigail W. Adams
Portland, Me., March 27 – Trading activity in the convertibles secondary space was light early Friday as equities erased a large portion of their gains from the previous session.
The Dow Jones industrial average was down 3.93%, the S&P 500 index was down 3.44% and the Nasdaq composite was down 3.44% shortly before 11 a.m. ET.
Optimism surrounding Congress’ $2 trillion stimulus bill, which sparked a three-day rally in equities, waned on Friday as coronavirus cases in the United States continue to rise.
There was $55 million in reported volume about one hour into the session with few names seeing concentrated trading activity, a market source said.
Palo Alto Networks Inc.’s 0.75% convertible notes due 2023 were the most actively traded issue early in the session.
The 0.75% notes were changing hands at 95.875 with stock off about 2%.
The notes saw about $6 million in reported volume one hour into the session.
Palo Alto stock was $162.04, a decrease of 3.19%, shortly before 11 a.m. ET.
JOYY Inc.’s 1.375% convertible notes due 2026 saw a fresh round of trading activity after the Guangzhou, China-based social media company formerly known as YY Inc. announced a buyback of the notes.
The 1.375% notes were changing hands at 88.875 early Friday with about $3 million in reported volume.
JOYY stock was $53.52, a decrease of 2.9%, shortly before 11 a.m. ET.
JOYY announced on Thursday plans to purchase up to $200 million of its 0.75% convertible notes due 2025 and 1.375% convertible notes due 2026 over the next 12 months with the size and terms of the buyback subject to adjustment, Prospect News reported.
JOYY priced a $575 million tranche of the 0.75% notes and a $575 million tranche of the 1.375% notes in June 2019.
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