Morning Commentary: DISH gains; Yahoo! little changed; Vipshop steady to higher ahead of earnings

By Rebecca Melvin

New York, Aug. 15 – DISH Network Corp.’s 3.375% convertible notes due 2026 traded up a couple of points with better shares in the early going on Monday and represented the most actively traded name in the convertibles space to start the first day of the last half of August.

The $3 billion DISH deal, which priced earlier this month, traded last at 107.1, which was up 2 points from the previous level, according to Trace data. The DISH common shares that underlie the debt were up $1.50, or 3%, at $52.51.

Elsewhere, Yahoo! Inc. was trading little changed around 101 in decent volume, with the common shares that underlie the convertibles down about 0.5%.

Vipshop Holdings Ltd.’s 1.5% convertibles were slightly higher, changing hands at 107.45, or up about 0.25 point on the day, with the underlying shares up about 2%. The Guangzhou, China-based online discount retailer is slated to report quarterly earnings after the market close.

Volume in the convertibles market overall was thin as another Monday in August got underway, a New York-based trader said. Equities were trading higher, and the S&P 500 stock market notched an intraday market high, but there wasn’t much focus on convertibles, the trader said.

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