Morning Commentary: Convertibles secondary trading strong; Workday notes active early

By Abigail W. Adams

Portland, Me., Sept. 2 – The convertibles secondary space saw decent trading volume at the start of Wednesday’s session with $74 million in reported volume about one hour after the opening bell.

However, few names saw concentrated activity, and there was little notable movement in the space.

Workday Inc.’s 0.25% convertible notes due 2022 were active with the notes trading down outright with stock soft at the start of the session.

The 0.25% convertible notes were down about 2 points outright with stock off about 2%.

The notes were changing hands at 166.75 early Wednesday.

Workday stock was changing hands at $237.68, a decrease of 1.68%, shortly before 11 a.m. ET.

The stock and convertible notes of the human resources and financial management software company both hit new heights last Friday after a large earnings beat.

The convertible notes traded up to 172, their highest outright level since pricing in 2018, as stock broke out to a new 52-week high.

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