Morning Commentary: Etsy convertible notes expand on quiet morning

By Abigail W. Adams

Portland, Me., July 2 – It was a quiet morning in the convertibles secondary space with volume light as the U.S. market entered into the Fourth of July holiday weekend.

There was $38 million on the tape with no name seeing more than $3 million in reported volume.

Etsy Inc.’s 0.25% convertible notes due 2028 were again the most actively traded name in the secondary space.

The 0.25% convertible notes were holding on an outright basis and expanding dollar-neutral as stock continued to come in from its recent heights.

The 0.25% convertible notes were changing hands at 108.625 versus a stock price of $198.68.

There was about $3 million in reported volume.

Etsy’s stock was $197.40, a decrease of 1.06%, shortly before 11 a.m. ET.

The 0.25% convertible notes have been active throughout the week as stock gained more than 10% following Etsy’s announcement that it was acquiring Elo7, a Brazilian e-commerce site, for $217 million.

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