Morning Commentary: Citrix Systems in focus pre-earnings; Workday, Dermira notes active

By Abigail W. Adams

Portland, Me., Jan. 23 – The convertibles secondary space was off to a healthy start on Wednesday with strong earnings from IBM pulling equity markets higher.

More than $74 million of bonds were on the tape a little over one hour into Wednesday’s session.

Citrix Systems Inc.’s soon to mature 0.5% convertible notes due April 15, 2019 were again the volume leader in the secondary space with more than $10 million of the bonds on the tape.

The notes were continuing to trade around parity at 151.5.

Citrix Systems stock was up slightly in the run up to its fourth-quarter earnings report, which it will announce after the market close.

Stock was $108.57, an increase of 0.3%, shortly before 11 a.m. ET.

Workday Inc.’s 0.25% convertible notes due 2022 were rising on an outright basis with stock up early in the session.

The 0.25% notes were up about 2 points outright and were changing hands around 131.625, according to a market source.

More than $4 million of the bonds were on the tape early in the session. Workday stock was up to $174.125, an increase of 1.96%, shortly before 11 a.m. ET.

Dermira Inc.’s 3% convertible notes due 2022 were also active early in Wednesday’s session with more than $4 million on the tape.

The 3% notes were largely trading sideways at 77 with the yield 11.56%, a market source said.

Dermira stock saw a slight rebound early in Wednesday’s session after dropping more than 6% during Tuesday’s session.

Dermira stock traded up to $6.44, an increase of 1.1%, early Wednesday.

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