Morning Commentary: JPMorgan’s Voya-linked notes top par; Neurocrine Biosciences active

By Abigail W. Adams

Portland, Me., April 29 – The convertible secondary space launched the week with a slow start with about $69 million on the tape about one hour into the session.

JPMorgan Chase Financial Co. LLC’s 0.25% cash-settled equity-linked notes due 2023 tied to Voya Financial, Inc. were major volume movers early in Monday’s session with two trades totaling $10 million on the tape, according to a market source.

The 0.25% notes changed hands just shy of 101 early in Monday’s session. While volume has been light, the equity-linked notes have made significant gains since mid-April when they popped above par for the first time since June 2018, according to Trace data.

The 0.25% notes have largely languished in the low to mid-90 range for much of 2019.

Voya stock has been on the rise since mid-April. Stock was changing hands at $54.95, an increase of 0.77%, shortly before 11 a.m. ET.

Neurocrine Biosciences Inc.’s 2.25% convertible notes due 2024 were also active in the run up to the biopharmaceutical company’s first-quarter earnings report, which will be announced after the market close.

The 2.25% convertible notes were changing hands at 126.25 with about $5 million of the bonds on the tape, according to a market source.

Neurocrine Biosciences stock was changing hands at $77.60, an increase of 0.23%, shortly before 11 a.m. ET.

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