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Morning Commentary: Convertibles secondary ends quarter at a crawl; iQIYI notes down
By Abigail W. Adams
Portland, Me., March 31 – The convertibles secondary space stood poised to end the quarter at a crawl with few names on the tape and little movement in the names that did trade.
Equity markets were mixed after wavering between gains and losses in early trading.
The Dow Jones industrial average was down 89 points, or 0.25%, the S&P 500 index was down 0.01%, the Nasdaq Composite index was up 0.05% and the Russell 2000 index was up 0.42% shortly before 11 a.m. ET.
There was $48 million in reported convertibles trading volume about one hour into the session with no name seeing more than $5 million in reported volume.
iQIYI Inc.’s 4% convertible notes due 2026 were down after the company announced that it had been flagged by the Securities and Exchange Commission under the Holding Foreign Companies Accountable Act, violations of which could result in delisting.
The 4% convertible notes fell 0.75 point outright to trade at 70 early in the session, according to a market source.
There was $3 million in reported volume.
While the notes were lower from Wednesday’s close, they were improved on the week with the notes closing last Friday at 69.
Beijing-based online entertainment service provider’s American Depositary Shares traded down to $4.66, a decrease of 7.64%, shortly before 11 a.m. ET.
iQIYI announced on Thursday that it had been flagged by the SEC due its use of an auditor that could not be inspected by U.S. regulators and that it is working to explore a possible solution.
Foreign companies identified by the SEC for three consecutive years as violating the HFCAA will face delisting.
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