| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Southern Co. > News item |
Morning Commentary: Convertibles secondary activity at a crawl; high-grade notes trade
By Abigail W. Adams
Portland, Me., Sept. 1 – The convertibles secondary space launched the day with a whimper with trading volume at a crawl ahead of the Labor Day holiday in the United States.
While large swaths of the market will be sitting out Friday’s session with real activity not expected to commence until the market reopens on Tuesday, market moving macro data continued to roll in.
Equity indexes saw a strong start to the session following the latest U.S. nonfarm payroll report, which was widely referred to as the goldilocks report the Fed had hoped for.
While the market continued to dial back its expectations for a November rate increase, indexes gave back much of their early day gains and turned mixed as the session progressed.
The Dow Jones industrial average was up 101 points, or 0.29%, the S&P 500 index was up 0.11%, the Nasdaq Composite index was down 0.17% and the Russell 2000 index was up 1.33% shortly before 11 a.m. ET.
There was $22 million in reported volume about one hour into the session with no name seeing more than $3 million in reported volume.
High-grade names remained the top traders in the space although with little price movement.
CMS Energy Corp.’s 3.375% convertible notes due 2028 (Baa2) were changing hands at 96.125 versus a stock price of $56.21 early in the session, according to a market source.
There was $2.5 million in reported volume.
CMS’ stock was trading at $55.94, a decrease of 0.44%, shortly before 11 a.m. ET.
Southern Co.’s 3.875% convertible notes due 2025 (Baa2/BBB) were trading at 98.875 versus a stock price of $68.21 early in the session.
There was $2.5 million in reported volume.
Southern Co.’s stock was trading at $67.76, an increase of 0.089%, shortly before 11 a.m. ET.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.