Morning Commentary: Envestnet convertible notes in focus

By Abigail W. Adams

Portland, Me., Aug. 4 – There was an uptick of trading activity in the convertibles secondary space on Wednesday although with no clear theme in the market, a source said.

Equity benchmarks were again choppy early with each launching the day in the red although they pared their losses as the session progressed with the tech sector outperforming.

The Dow Jones industrial average was down 223 points or 0.63%, the S&P 500 was down 0.36% and the Nasdaq Composite down 0.04% shortly before 11 a.m. ET.

There was $106 million on the tape about one hour into the session although few names saw concentrated trading activity.

Envestnet Inc.’s 1.75% convertible notes due 2023 were in focus early in the session although with little movement in price.

The 1.75% convertible notes were changing hands at 122.125 versus a stock price of $74.38 early in the session, according to a market source.

There was more than $11 million in reported volume.

Envestnet stock traded as low as $72.56 early in the session but was changing hands at $74.19, a decrease of 0.18%, shortly before 11 a.m. ET.

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