Morning Commentary: Pure Storage convertibles climb in early trading; Transocean remains active

By Abigail W. Adams

Portland, Me., April 13 – Trading volume remained light in the convertibles space as a pre-earnings report quiet spread through the market with no new paper entering the space this week.

While trading volume was light, the convertibles market stood poised to round out the week on firm footing.

Pure Storage Inc.’s 0.125% convertible notes due 2023 continued to climb on an outright basis early in Friday’s session.

The notes were seen trading at 101.322 with equity down to $19.11. The notes were trading below par on Monday.

However, they have expanded on a dollar-neutral basis throughout the week, sources said.

Transocean Inc.’s 0.5% convertible notes due 2023 remained active on the tape. The 0.5% convertible notes traded up to 129 early in Friday’s session, a 3-point increase on an outright basis.

Transocean stock was up another 3.5% early Friday to $11.485 after seeing large gains throughout the week alongside the price of crude oil.

The barrel price of West Texas Intermediate crude oil for May 2018 delivery continued to climb on Friday and was up to $67.30, an increase of 23 cents, or 0.34%.

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