Morning Commentary: Convertibles secondary market quiet at open; Twitter gains continue

By Abigail W. Adams

Portland, Me., Feb. 12 – The convertibles secondary market saw a quiet start to the day with equities largely flat after broaching fresh highs throughout the week.

While volume was decent with $114 million on the tape bout one hour into the session, few names saw concentrated trading activity.

Twitter Inc.’s convertible bonds remained active as the company’s stock again broke out to a fresh 52-week high.

Twitter’s 0.25% convertible notes due 2024 were up another 4 points outright with stock up 5%.

The notes were changing hands at 145.875 versus a stock price of $70.70, according to a market source.

There was $4 million of the bonds on the tape.

Twitter’s soon-to-mature 1% convertible notes due 2021 were up another 1 point outright,

They were changing hands at 109.875 versus a stock price of $69.67 early in the session with about $2 million of the bonds on the tape.

Twitter’s stock was trading at $72.01, an increase of 4.89%, shortly before 11 a.m. ET.

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