Morning Commentary: Convertibles secondary trading ‘anemic’ early Friday

By Abigail W. Adams

Portland, Me., March 18 – It was a slow start to the day in the convertibles secondary market on Friday with few names on the tape as equity markets again struggled to find direction in early trading.

Equity indexes were mixed after wavering between gains and losses early in the session.

The Dow Jones industrial average was down 89 points, or 0.25%; however, the S&P 500 index was up 0.22%, the Nasdaq Composite was up 0.91% and the Russell 2000 index was up 0.10%.

There was $32 million of convertible notes on the tape about one hour into the session with no name seeing more than $5 million in reported volume.

“It’s anemic out there,” a source said.

Bill.com Holdings Inc.’s 0% convertible notes due 2027 were on the rise alongside stock in early trading.

The 0% convertible notes gained 1.5 points outright with stock up about 3.5%.

The notes were changing hands at 93.75 versus a stock price of $217.05 in early trading.

The notes were the most actively traded issue early in Friday’s session with about $3 million in reported volume.

Bill.com’s stock was changing hands at $216.89, an increase of 3.27%, shortly after 11 a.m. ET.

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