Morning Commentary: Datadog convertible notes active as earnings loom; equities mixed

By Abigail W. Adams

Portland, Me., Oct. 26 – It was an active morning in the convertibles secondary space with equities mixed following an onslaught of earnings from the tech sector.

While the Nasdaq Composite index remained slightly in negative territory early in the session, it fought back from a more than 1.5% decline at the open.

The Dow Jones industrial average was up 330 points, or 1.03%, the S&P 500 index was up 0.54%, the Nasdaq was down 0.18% and the Russell 2000 index was up 1.95% shortly after 11 a.m. ET.

There was $111 million in reported convertibles trading volume about one hour into the session.

Datadog Inc.’s 0.125% convertible notes due 2025 were active with the notes lower alongside stock.

The 0.125% notes were down 1.5 points outright with stock off a little over 3% early in the session.

The notes were changing hands at 117.5 versus a stock price of $83.11 early in the session, according to a market source.

There was $8 million in reported volume.

Datadog is slated to report earnings on Nov. 3.

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