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Morning Commentary: Convertibles secondary activity slow at open; Sea notes trade
By Abigail W. Adams
Portland, Me., Sept. 16 – The convertibles secondary space was moving at a snail’s pace on Thursday with few names on the tape and little movement in the names that did trade.
Equities were under pressure early in the session with benchmarks giving back their gains from the previous session.
The Dow Jones industrial average was down 154 points, or 0.44%, the S&P 500 index was down 0.53%, the Nasdaq Composite was down 0.51% and the Russell 2000 index was down 0.53% shortly before 11 a.m. ET.
There was about $40 million in reported volume a little over one hour into the session with few names seeing more than $5 million in reported volume.
Sea Ltd.’s 0.25% convertible notes due 2026 were among the most actively traded names early in the session.
The notes were changing hands at 103.125 versus an equity price of $338.09, according to a market source.
There was about $4 million in reported volume.
Sea’s American Depositary Shares were changing hands at $337.28, a decrease of 0.10%, shortly before 11 a.m. ET.
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