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Morning Commentary: Convertibles trading volume picks up; Fortive better; Akamai active
By Abigail W. Adams
Portland, Me., March 26 – There was an uptick in activity in the convertibles secondary space as equities launched Thursday with gains despite a historic surge in weekly U.S. jobless claims.
Optimism surrounding the $2 trillion stimulus bill, which is expected to soon pass the House of Representatives and to be signed into law, continued to buoy risk assets.
The Dow Jones industrial average was up 3.95%, the S&P 500 index was up 3.53% and the Nasdaq composite was up 3.02% shortly before 11 a.m. ET.
There was $117 million in reported volume about one hour into Thursday’s session although few names saw concentrated trading activity, a market source said.
Fortive Corp.’s 0.875% convertible notes due 2022 were the most actively traded name early Thursday with $10.5 million in reported volume.
The 0.875% notes continued to improve on an outright basis. The notes traded up another 0.5 point outright to 91.5, a market source said.
Fortive stock was $51.21, an increase of 2.7%, shortly before 11 a.m. ET.
The notes closed out last week at 88, the lowest level for the investment-grade paper since they priced in February 2019.
Akamai Technologies Inc.’s convertible notes were also active early Thursday.
Akamai’s 0.125% convertible notes due 2025 were changing hands at 109.5 versus an equity price of $88.58 early in the session, according to a market source.
The bonds saw more than $6.5 million in reported volume.
Akamai’s 0.375% convertible notes due 2027 were changing hands at 98.5 early in the session.
Akamai’s stock traded down to $87.51, a decrease of 2.06%, shortly before 11 a.m. ET.
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