Rivian convertible notes gains continue; Repligen active; Enphase strong

By Abigail W. Adams

Portland, Me., Dec. 15 – The convertible bond secondary space remained active on Friday with the market continuing to ride the post-Fed rally that pushed secondary returns to their height of the year.

Equity indexes were mixed Friday after surging over the past two sessions as the broader markets took a breather.

The Dow Jones industrial average closed Friday up 57 points, or 0.15%, the S&P 500 index closed down 0.01%, the Nasdaq Composite index closed up 0.35% and the Russell 2000 index was down 0.77%.

While equities took a breather on Friday, the convertible space remained firm with buyers continuing to lift the market.

There was $132 million in reported volume about one hour into the session and $538 million on the tape about one hour before the market close.

Rivian Automotive Inc.’s convertible notes continued to edge higher on Friday after jumping alongside stock the previous session.

Repligen Corp.’s recently issued 1% convertible notes due 2028 continued to edge higher in active trade.

Enphase Energy Inc.’s 0% convertible notes due 2028 made strong gains after Jefferies initiated coverage of the stock with a buy rating.

Rivian levels off

Rivian’s convertible notes remained active on Friday with the notes continuing to edge higher after strong gains in the previous session.

The 4.625% convertible notes due 2029 were changing hands at 133.5 versus a stock price of $22.10 early in the session, according to a market source.

They rose to 137 versus a stock price of $22.76 in the late afternoon.

There was $14 million in reported volume.

The 3.625% convertible notes due 2030 were changing hands at 119.25 versus a stock price of $22.40, early in the session.

They were trading at 120 versus a stock price of $22.47 in the late afternoon.

There was $13 million in reported volume.

Rivian stock traded to a low of $21.65 and a high of $23 before closing the day at $22.83, an increase of 1.78%.

The 4.625% convertible notes shot up 10 points outright and the 3.625% convertible notes due 2030 surged 11 points outright as Rivian stock added 14%.

Stock surged after the company announced a new partnership with AT&T, which will be using Rivian electric vans in the coming year.

Rivian previously had an exclusivity agreement with Amazon which came to an end in November.

Repligen active

Repligen’s recently issued 1% convertible notes due 2028 continued to add to a strong secondary market performance on Friday.

The 1% notes were changing hands at 112.5 versus a stock price of $182.68 in the late afternoon.

There was $14 million in reported volume.

Repligen stock traded to a low of $178.35 and a high of $185.73 before closing the day at $181.22, an increase of 0.45%.

The 1% notes have put in a strong performance since they were issued as part of a privately negotiated exchange.

Repligen sold $600 million of the 1% convertible notes due 2028 in privately negotiated exchange and subscription agreements with holders of its 0.375% convertible notes due 2024 and new investors on Dec. 6.

Enphase gains

Enphase’s 0% convertible notes due 2028 made strong gains on Friday after the company’s stock was initiated with a buy recommendation.

The 0% notes were up 2 points outright.

They were trading at 87.75 versus a stock price of $124.36 in the late afternoon, according to a market source.

There was $11 million in reported volume.

Enphase stock traded to a low of $120.72 and a high of $126.20 before closing the day at $123.92, an increase of 3.08%.

Enphase saw a strong session after Jefferies initiated coverage with a buy rating.

Mentioned in this article:

Enphase Energy Inc. Nasdaq: ENPH

Repligen Corp. Nasdaq: RGEN

Rivian Automotive Inc. Nasdaq: RIVN

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