Morning Commentary: Convertibles secondary space quiet; Haemonetics notes active early

By Abigail W. Adams

Portland, Me., April 20 – It was another slow start to the day for convertibles with the primary market dormant and trading activity muted in the secondary space.

There was $63 million on the tape about one hour into the session with few names seeing more than $5 million in reported volume, a source said.

Haemonetics Corp.’s 0% convertible notes due 2026 remained active as stock continued its downward spiral after tanking more than 30% the previous session.

The notes were changing hands at 82.137 versus a stock price of $70.06 early Tuesday, according to a market source.

There was $8.5 million in reported volume.

Haemonetics’ stock was changing hands at $69.54, a decrease of 6.88%, shortly before 11 a.m. ET.

Stock was continuing its downward spiral after the global provider of blood and plasma supplies and services announced the termination of a contract that accounted for 11.8% of its total revenue the previous session.

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