Morning Commentary: Rexford Industrial Realty exchangeables active on quiet morning

By Abigail W. Adams

Portland, Me., March 28 – The convertibles secondary space was quiet early Thursday with few making moves as the first quarter of 2024 draws to a close.

While quiet, the market remained firm with equity indexes at all-time highs and credit spreads near their tights of the year.

Indexes were either side of unchanged early Thursday with the Dow Jones industrial average down 22 points, or 0.05%, the S&P 500 index up 0.08%, the Nasdaq Composite index up 0.01% and the Russell 2000 index up 0.44% shortly before 11 a.m. ET.

There was $72 million in reported volume about one hour into the session with few names seeing concentrated trading activity.

However, Rexford Industrial Realty, LP’s two tranches of exchangeable notes (Baa2/BBB+/BBB+) remained active although with little movement in price.

The 4.375% exchangeable notes due 2027 were trading at 101.5 versus a stock price of $49.77 early in the session, according to a market source.

There was $8 million in reported volume.

The 4.125% exchangeable notes due 2029 were trading at 101.375.

There was also $8 million in reported volume.

Rexford’s stock was trading at $50.51, an increase of 1.28%, shortly before 11 a.m. ET.

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