Morning Commentary: Convertibles secondary trading light; Norwegian Cruise Line eyed

By Abigail W. Adams

Portland, Me., Sept. 25 – The convertibles secondary space was quiet early in Friday’s session with activity surrounding recent issues light and equity benchmarks struggling to find direction.

The Dow Jones industrial average, S&P 500 index and Nasdaq composite were wavering between gains and losses early Friday as investors weighed the potential for a new economic stimulus package from Congress against a backdrop of rising Covid-19 cases and the threat of renewed shutdowns.

However, all benchmarks had turned positive as of 11 a.m. ET.

While few names saw concentrated activity early Friday, Norwegian Cruise Line Holdings Ltd.’s 6% exchangeable notes due 2024 were active as stock skyrocketed.

The 6% notes gained almost 10 points outright with stock up more than 9%.

The notes were changing hands at 139.75 early Friday.

Norwegian Cruise Line stock traded to a high of $16.20 before coming in to trade around $15.84, an increase of 8.27%, shortly before 11 a.m. ET.

Stock was making large gains after Barclays analysts upgraded the cruise line’s stock with a possible end to the no-sail order coming as early as next week, CNBC reported.

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