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Morning Commentary: Convertibles secondary space quiet; Euronet continues to dominate
By Abigail W. Adams
Portland, Me., March 20 – The convertibles secondary space was quiet early Wednesday with no new paper entering the space and all eyes on the Federal Reserve and future indications about interest rates.
There was about $60 million on the tape about one hour into Wednesday’s session with trading activity continuing to focus on Euronet Worldwide Inc.
Euronet Worldwide’s 0.75% convertible notes due 2049 traded up to 107 early Wednesday. The notes have been posting gains on an outright basis in high-volume activity for most of the week.
While the convertible notes continued to trend higher, Euronet stock was off early Wednesday. Stock was $138.86, a decrease of 1.14%, shortly before 11 a.m. ET.
AMAG Pharmaceuticals Inc.’s 3.25% convertible notes due 2022 saw a fresh round of trading activity on Wednesday although with little movement in price.
The convertible notes were changing hands at 85.75, a market source said. More than $3 million of the bonds were on the tape by the late afternoon.
AMAG stock was $12.35, a decrease of 0.88%, shortly before 11 a.m. ET.
AMAG’s convertible notes have been under pressure since mid-March when its clinical trial for Makena, a treatment for premature birth, failed to meet its end goals.
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