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Morning Commentary: Convertible secondary quiet; Chegg notes, Sabre preferreds active
By Abigail W. Adams
Portland, Me., Aug. 21 – After a flurry of activity driven by an influx of more than $4 billion of new convertible bonds over the week, the secondary space was quiet early Friday as activity surrounding the new deals tapered off.
Convertible bonds saw about $74 million in reported volume a little over one hour into the session with few names seeing concentrated trading activity, according to a market source.
Chegg Inc.’s 0% convertible notes due 2026 were one of the volume movers early Friday with $6 million on the tape.
However, the notes were little changed.
They traded up about 0.25 point outright to 102.875 with stock up early in the session.
Stock was changing hands at $78.30, an increase of 0.54%, shortly before 11 a.m. ET.
Sabre Corp.’s 6.5% series A mandatory convertible preferred stock remained active and was improving outright early Friday.
However, the preferreds remained below their issue price.
The 6.5% mandatory preferred stock traded up to $98.50 early Friday as stock improved.
Sabre stock was changing hands at $6.92, an increase of 1.69%, shortly before 11 a.m. ET.
The preferred stock dropped to a $97-handle on its market debut on Thursday.
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