Morning Commentary: Convertibles primary, secondary markets quiet; John Bean in focus

By Abigail W. Adams

Portland, Me., June 2 – The convertibles primary and secondary markets were again quiet on Wednesday as both markets saw a slow return from the holiday weekend.

No new deals were announced prior to the market open, and there was little on the tape early in Wednesday’s session as equity markets struggled to find direction.

After a mixed start to the month, equity benchmarks were largely flat early in the session with the Dow Jones industrial average up 90 points, or 0.26%, the S&P 500 index up 0.23% and the Nasdaq Composite up 0.13%.

There was $62 million in reported volume about one hour into the session.

John Bean Technologies Corp.’s 0.25% convertible notes due 2026 remained active.

The recently priced convertible notes were down about 1 point outright with stock off a little over 1%.

The 0.25% convertible notes were changing hands at 108 versus a stock price of $145.92 early in the session.

John Bean’s stock was changing hands at $147.45, a decrease of 1.84%, shortly before 11 a.m. ET.

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