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Morning Commentary: Jazz Pharmaceuticals, ON Semiconductor convertibles active early
By Abigail W. Adams
Portland, Me., Oct. 9 – The convertibles secondary space saw decent trading volume early in Friday’s session with equity markets poised for their best week since August.
There was $70 million on the tape about one hour into the session with carry-over activity from the previous session driving trading volume.
Jazz Pharmaceuticals plc’s 2% exchangeable notes due 2026 remained active on Friday with the notes continuing to improve.
The notes were changing hands just shy of 124 with stock coming in slightly after jumping 8% the previous session.
There was about $7 million in reported volume early in the session.
Jazz’s stock was changing hands at $153.92, a decrease of 0.58%, shortly before 11 a.m. ET.
Jazz’s 2% exchangeables gained 7 points outright and expanded about 0.5 point dollar-neutral on Thursday after the pharmaceutical company released positive results from a clinical trial for a treatment for excessive daytime drowsiness.
ON Semiconductor Corp.’s convertible notes were also active early in the session.
The 1.625% convertible notes due 2023 were trading at 147 with about $5 million on the tape, according to a market source.
The soon-to-mature 1% convertible notes due Dec. 1, 2020 were changing hands at 138.875.
The 1% notes also saw about $5 million in reported volume.
Holders appeared to be switching from the short-dated to the longer-dated notes.
ON’s stock was trading at $26.02, a decrease of 0.58%, shortly before 11 a.m. ET.
Stock jumped more than 11% on Thursday following news activist investor Starboard Value had taken a stake in the company.
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