Morning Commentary: Wayfair’s new convertible notes in focus in early secondary trading

By Abigail W. Adams

Portland, Me., Aug. 13 – After a torrent of new deal activity that saw $3.68 billion of convertibles price over six deals after the market close on Tuesday, the primary market went quiet.

With no deals launched prior to the market open on Thursday, no more primary market activity is expected for the Aug. 10 week.

While there are deals in the pipeline for the week ahead, they may not parallel the volume of the current week, sources said.

Meanwhile, the secondary space launched Thursday with decent trading volume with $83 million on the tape a little over one hour into the session.

Wayfair Inc.’s newly priced 0.625% convertible notes due 2025 continued to dominate activity in the secondary space.

The notes were gaining on an outright basis alongside stock.

They jumped another 1.5 points outright with stock up more than 3%.

The notes were seen changing hands at 104.5 early in Thursday’s session.

The notes saw more than $30 million in reported volume.

Wayfair stock rose to $313.25, an increase of 3.85%, shortly before 11 a.m. ET.

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