Morning Commentary: Peloton convertible notes improve in early trading; secondary active

By Abigail W. Adams

Portland, Me., April 1 – The convertibles secondary space saw an active start to the new month and the new quarter with $127 million on the tape about one hour into the session, according to a market source.

However, there continued to be a wide breadth to the trading activity with few names seeing more than $5 million in reported volume.

Peloton Interactive Inc.’s 0% convertible notes due 2026 were in focus early in the session as the company’s stock improved alongside the hard-hit tech sector.

The 0% notes rose 1 point outright with stock up a little over 1%.

The convertible notes were changing hands just shy of 96.5 early in the session versus a stock price of $115.49, according to a market source.

There was about $5 million on the tape.

Peloton’s stock traded to a high of $118.96 early in the session but came in to change hands at $113.91, an increase of 1.26%, shortly before 11 a.m. ET.

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