Morning Commentary: Convertibles secondary quiet at open; Arbor Realty top trader

By Abigail W. Adams

Portland, Me., June 25 – The summer doldrums were in full effect in the convertibles secondary space on Friday with few names on the tape and little movement in the names that did trade.

There was $37 million on the tape about one hour into the session and only two names that saw more than $5 million in reported volume, according to a market source.

Arbor Realty Trust Inc.’s 4.75% convertible notes due 2022 were the most actively traded name in the secondary space; however, there was little movement in price.

The 4.75% notes were changing hands at 110.375 early in the session with $6 million in reported volume.

Arbor Realty’s stock traded down to $18.42, a decrease of 0.65%, shortly before 11 a.m. ET.

Chegg Inc.’s 0.125% convertible notes due 2025 were the second most active name early in the session.

The deep-in-the-money convertible notes were changing hands at 168.625 early in the session with about $5 million in reported volume.

Chegg’s stock was trading at $83.04, an increase of 0.57%, shortly before 11 a.m. ET.

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