Morning Commentary: Winnebago convertible notes shoot higher

By Abigail W. Adams

Portland, Me., Jan. 23 – It was a quiet morning in the convertibles secondary space on a muted open for equity markets as earnings season kicks into high gear.

Equity indexes were mixed early in the session with the Dow Jones industrial average down 142 points, or 0.38%, the S&P 500 index was down 0.05%, the Nasdaq Composite index up 0.09% and the Russell 2000 index up 0.25% shortly before 11 a.m. ET.

There was $61 million in reported volume about one hour into the session with few names seeing concentrated trading activity.

Winnebago Industries Inc.’s recently priced 4.5% convertible notes due 2030 continued to shoot higher on an outright basis in early trade.

The notes added another 1.5 points outright with stock up about 2%.

The convertibles were trading at 105.25 versus a stock price of $7.54 early in the session, according to a market source.

Winnebago’s stock was trading at $69.61, an increase of 1.49%, shortly before 11 a.m. ET.

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