Morning Commentary: Convertible secondary quiet; Bentley Systems trades

By Abigail W. Adams

Portland, Me., March 23 – It was another slow morning in the convertible secondary space as selling resumed in equity markets.

Indexes were again in the red on Wednesday with the Dow Jones industrial average down 233 points or 0.67%, the S&P 500 index down 0.41%, the Nasdaq Composite down 0.22%, and the Russell 2000 index down 0.67% shortly before 11 a.m. ET.

There was $45 million on the tape about one hour into the session with no name seeing more than $5 million in reported volume.

“No one’s home today,” a source said.

Bentley Systems Inc.’s 0.375% convertible notes due 2027 were active early in the session after a flurry of late-day trades the previous session.

The 0.375% convertible notes were changing hands at 85.25 versus a stock price of $41.02 early Wednesday.

There was $3 million in reported volume.

While the convertible notes were on an 84-handle early Tuesday, they traded as high as 86.5 before coming in to 85.875 in a burst of afternoon trades, according to Trace data.

Stock was down slightly early Wednesday after rallying strongly since last Monday’s sell-off.

Stock was changing hands at $41.71, a decrease of 0.62%, shortly before 11 a.m. ET.

However, stock has gained more than 20% since last Monday’s sell-off.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.