Morning Commentary: Convertibles secondary busy; Shift4 active; American Airlines up

By Abigail W. Adams

Portland, Me., Dec. 4 – The convertibles secondary space remained active early in Friday’s session as convertible issuers continued to see huge moves in their equity.

There was $172 million of convertible bond trading on the tape about one hour into the session.

Shift4 Payments Inc.’s 0% convertible notes due 2025 remained active with the notes continuing to gain on an outright basis their second day in the secondary space.

The 0% notes traded up to 108.375 early in the session.

There was almost $11 million in reported volume.

Shift4’s stock was changing hands at $62.88, an increase of 4.9%, shortly before 11 a.m. ET.

Meanwhile, American Airlines Group Inc.’s once struggling 6.5% convertible notes due 2025 continued their upward momentum on Friday.

The notes traded as high as 125.75 shortly after the opening bell.

However, they were changing hands at 123.625 as stock came in.

The bonds saw almost $6 million in reported volume.

American Airlines’ stock traded as high as $16.93 shortly after the opening bell. However, they were changing hands at $16.20, an increase of 0.7%, shortly before 11 a.m. ET.

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