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Morning Commentary: BofA synthetic tied to Charter in focus; Live Nation gains continue
By Abigail W. Adams
Portland, Me., Jan. 31 – The convertibles secondary space launched Friday with decent trading volume with several recent issues in focus.
There was $83 million in reported volume on the tape about one hour into Friday’s session.
While the notes have been slow to trade since pricing, BofA Finance LLC’s 0.125% cash-settled notes tied to Charter Communications Inc. due Sept. 1, 2022 were in focus on Friday following Charter’s earnings report.
While the notes were on the rise in active trading, they were still below their issue price.
The 0.125% notes climbed about 1 point outright.
They were changing hands between 102.375 and 102.625 early in the session with about $14 million in reported volume, according to a market source.
BofA priced a downsized $300 million of the 0.125% notes at 103.25 on Jan. 22.
While the 0.125% notes have been slow to trade, they were in focus on Friday as Charter stock jumped following a large fourth-quarter earnings beat.
Charter stock rose to $516.45, an increase of 4.76%, shortly before 11 a.m. ET.
Charter reported earnings per share of $3.28 versus analyst expectations for earnings per share of $2.52.
Revenue was $11.76 billion versus analyst expectations for revenue of $11.73 billion.
Meanwhile, Live Nation Entertainment Inc.’s newly priced 2% convertible notes due 2025 continued to gain despite the continued downturn in stock.
The 2% notes were changing hands just shy of 100.75 early in the session with more than $6 million in reported volume.
Live Nation stock was down to $69.14, a decrease of 2.14%, shortly before 11 a.m. ET.
The notes expanded about 1point on a dollar-neutral basis on their market debut on Thursday.
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