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Morning Commentary: Booking Holdings, Unity Software convertible notes active early
By Abigail W. Adams
Portland, Me., March 21 – It was another slow start to the day in the convertibles secondary space as equity markets struggled to find direction after last week’s rally with the S&P 500 index and Nasdaq Composite notching the largest weekly gain since November 2020.
Indexes were mixed early in the session with the Dow Jones industrial average was down 112 points, or 0.32%, the Nasdaq Composite down 0.44% and the Russell 2000 index down 0.33% shortly before 11 a.m. ET.
However, the S&P 500 index turned positive after dipping into negative territory shortly after the opening bell and was up 0.05%.
There was $50 million on the tape about one hour into the session with few names seeing concentrated trading activity.
Booking Holdings Inc.’s 0.75% convertible notes due 2025 (A3/A-) were among the most actively traded issues early in the session although with little movement in price.
The 0.75% convertible notes were changing hands at 138.625 versus a stock price of $2,155.755 early in the session, according to a market source.
There was $5.5 million in reported volume.
Booking’s stock was changing hands at $2,164.70, a decrease of 0.99%, shortly before 11 a.m. ET.
Unity Software Inc.’s 0% convertible notes due 2026 were also among the few names to see more than $5 million in reported volume.
The 0% notes continued to improve after hitting an all-time low amid last Monday’s sell-off.
The 0% notes were up about 1 point with stock down 3%.
The notes were changing hands at 82.125 versus a stock price of $97.22 early in the session.
Unity Software’s stock was trading at $94.22, a decrease of 3.01%, shortly before 11 a.m. ET.
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