Morning Commentary: Coupa active on another quiet morning

By Abigail W. Adams

Portland, Me., July 16 – It was another quiet morning in the convertible secondary space with equity benchmarks volatile.

While equities launched the day in positive territory on the heels of a better-the-expected retail sales report, they quickly descended into negative territory.

The Dow Jones industrial average was down 149 points or 0.44%, the S&P 500 index was down 0.27%, the Nasdaq Composite was down 0.10%, and the Russell 2000 index was down 0.28%, shortly before 11 a.m. ET.

There was $51 million in reported volume about one hour into the session, according to a market source.

Coupa Software Inc.’s 0.125% convertible notes due 2026 was the only name to see more than $5 million in reported volume.

The high-dollar price bonds were down on an outright basis alongside stock.

The 0.125% notes were changing hands at 151.125 versus an equity price of $220.19.

There was about $6 million in reported volume.

Coupa stock traded to a low of $217.00 early in the session. However, stock rebounded as selling pressure eased and was changing hands at $220.92, a decrease of 2.24%, shortly before 11 a.m. ET.

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