Morning Commentary: Little action in secondary; Coupa software down outright

By Abigail W. Adams

Portland, Me., July 14 – It was another uneventful morning in the convertible secondary space as equity markets turned negative on the heels of the first slew of earnings reports.

The Dow Jones industrial average was down 498 points, or 1.61%, the S&P 500 index was down 1.54%, the Nasdaq Composite index was down 1.2% and the Russell 2000 index was down 2.07% shortly before 11 a.m. ET.

Coupa Software Inc.’s 0.375% convertible notes due 2026 made an appearance on the tape with the notes down outright alongside stock.

The notes were down about 1.25 points outright.

They were changing hands at 74.75 early in the session with the yield now 8%.

There was $5 million in reported volume.

Coupa stock was changing hands at $57.05, a decrease of 2.88%, shortly before 11 a.m. ET.

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