Morning Commentary: Convertibles trading volume light; DISH Network, Salesforce active

By Abigail W. Adams

Portland, Me., March 5 – The convertibles space was quiet early in Monday’s session with the new paper that entered the space on Friday slow to trade.

Liberty Media Corp.’s new 2.125% 30-year exchangeable debentures, which debuted in the secondary market on March 2, were not seen trading early on Monday.

The exchangeable debentures, which are exchangeable into either Sirius XM Holdings Inc. common stock, or Liberty’s series C Liberty SiriusXM common stock, were last seen trading at 99.5.

DISH Network Corp.’s 3.375% convertible notes due 2026 and 2.375% convertible notes due 2024 saw some trading activity early in Monday’s session.

DISH’s 3.375% notes were solidified around 96 in active trading early Monday. DISH’s 2.375% notes were solidified around 88.

DISH stock was up to $41.47, an increase of 1.2%, early Monday.

DISH Network’s 3.375% convertible notes were trading above par as recently as mid-February. However, the convertible notes have slowly slipped downward since the Englewood, Colo.-based direct broadcast satellite service provider released its fourth-quarter and year-end reports on Feb. 21.

DISH also announced on Feb. 21 that it would allocate $1 billion to buildout a 5G wireless network.

Salesforce.com Inc.’s soon-to-mature 0.25% convertible notes due April 1, 2018 also saw some trading activity early Monday.

After trading up to 180 at the market close on March 2, the 0.25% notes were trading around 178 with stock up slightly. Salesforce.com stock was up to $122.21, an increase of 0.24%, early in Monday’s session.

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