Morning Commentary: Convertibles trading quiet; Sunnova down outright, up dollar-neutral

By Abigail W. Adams

Portland, Me., June 3 – It was another quiet morning in the convertibles secondary space with few names on the tape as equity benchmarks launched the day in the red.

While volume in the name was light, Sunnova Energy International Inc.’s 0.25% convertible notes due 2026 were down outright but were up on a dollar-neutral, or hedged, basis with stock under pressure over the last few sessions.

The 0.25% notes were down about 3 points outright to change hands at 101.25 bid, 101.75 offered early in the session.

However, the notes expanded about 0.5 to 0.75 points on the move down, a source said.

Sunnova’s stock was changing hands at $28.18, a decrease of 0.32%, shortly before 11 a.m. ET.

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