Morning Commentary: Bentley Systems convertible notes active in early trading

By Abigail W. Adams

Portland, Me., July 8 – The convertible secondary space was again active early Thursday as equity benchmarks launched the day firmly in the red.

The Dow Jones industrial average was down 496 points, or 1.43%, the S&P 500 index was down 1.41%, the Nasdaq Composite was down 1.4% and the Russell 2000 index was down 1.45% shortly before 11 a.m. ET.

There was $100 million of convertibles on the tape about one hour into the session although there continued to be a wide berth to the activity.

Bentley Systems Inc.’s convertible notes were active as the engineering software company’s stock sank alongside the broader market.

The company’s 0.125% convertible notes due 2026 dropped about 2 points outright with stock down upwards of 5%.

The 0.125% notes were changing hands at 118.25 versus a stock price of $64.13 early in the session.

There was about $6 million in reported volume.

Bentley Systems’ recently priced 0.375% convertible notes due 2027 were down about 0.625 point outright.

They were changing hands at 102.5 versus a stock price of $65.50 with about $2 million on the tape.

Bentley Systems’ stock traded down to $62.27, a decrease of 5.23%, shortly before 11 a.m. ET.

Bentley Systems announced post-close Wednesday that it had acquired geophysical software company Aarhus GeoSoftware.

Bentley Systems priced a $575 million issue of the 0.375% notes on June 23. It was the most recent new deal to clear the primary market.

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