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Morning Commentary: Convertibles market ‘rips’; IQ in focus; Coupa notes gain outright
By Abigail W. Adams
Portland, Me., June 16 – While the convertibles primary market remained quiet early in Tuesday’s session, the secondary space saw an uptick in activity as equities surged following a better-than-expected retail sales report.
“The market’s just ripping,” a source said.
There was $157.5 million on the tape about one hour into the session with several recent deals improving alongside their stock.
Coupa Software Inc.’s 0.375% convertible notes due 2026 rose more than 2 points outright with stock up about 2%.
The notes were changing hands around 106 with $11 million in reported volume, a market source said.
Coupa stock was changing hands at $241.80, an increase of 1.46%, shortly before 11 a.m. ET.
iQIYI Inc.’s outstanding convertible notes returned to focus on Tuesday with the notes surging on an outright basis as stock shot up more than 20%.
The Beijing-based online video platform’s 3.75% convertible notes due 2023 jumped more than 23 points outright to change hands at 120 early Tuesday, a market source said.
There was more than $12 million in reported volume about one hour into the session.
The notes were previously trading on a 97-handle.
The 2% convertible notes due 2025 rose 20 points to trade at 105.375, the source said.
They last traded at 86, according to Trace data.
There was more than $15 million on the tape early in the session.
iQIYI’s American Depositary Shares traded as high as $26.45 early Tuesday before coming in slightly to change hands at $23.30, an increase of 21.66%, shortly before 11 a.m. ET.
Shares skyrocketed after Reuters reported that Tencent Holding Ltd. was interested in becoming the largest shareholder of iQIYI and had approached majority shareholder Baidu Inc. about buying a stake.
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