Morning Commentary: Trading muted with equities in the red; DISH, iQIYI losses mount

By Abigail W. Adams

Portland, Me., Dec. 21 – Activity in the convertible secondary space was muted as equities opened the day deep in the red.

There was $78 million in reported volume about one hour into the session.

DISH Network Corp.’s 0% convertible notes due 2025 and iQIYI Inc.’s 4% convertible notes due 2026 were active with both issues falling deep below par.

DISH’s 0% convertible notes due 2025 traded down to a 95-handle early in the session.

They traded as low as 95.25 early in the session, a market source said.

They were changing hands at 95.875 versus a stock price of $29.71.

While the notes were trading off, volume was light with $4 million on the tape about one hour into the session.

DISH stock traded down to $29.27, a decrease of 3.94%, shortly before 11 a.m. ET.

iQIYI’s 4% convertible notes due 2026 also fell deeper below par.

The 4% notes traded down to 97 early in the session with about $6 million on the tape, according to a market source.

The company’s ADSs were changing hands at $16.96, a decrease of 1.52%, shortly before 11 a.m. ET.

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