Morning Commentary: DISH convertibles in focus, down outright

By Abigail W. Adams

Portland, Me., April 23 – The convertible secondary space stood poised for a quiet end to a quiet week with the primary market dormant.

While volume was decent early in the session with $99 million on the tape about one hour after the opening bell, there was a wide breadth to the trading activity with few names seeing more than $5 million in reported volume.

DISH Network Corp.’s 3.375% convertible notes due 2026 continued to actively trade with the notes down about 0.5 point as stock came in after setting fresh heights.

The 3.375% convertible notes were changing hands at 102.5 versus an equity price of $41.6 early in the session, a source said.

There was more than $7.5 million in reported volume.

DISH stock was changing hands at $41.64, a decrease of 0.75%, shortly before 11 a.m. ET.

While down on Friday, DISH stock has been on a tear since Wednesday when the company announced it was partnering with Amazon Web Services to build out its 5G network.

While DISH’s 0% convertible notes due 2025 were active and posting large gains throughout the week, they were quiet early in Friday’s session.

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