Morning Commentary: Convertibles primary quiet early; Fortive notes active in secondary

By Abigail W. Adams

Portland, Me., July 27 – The convertibles primary market saw a slow start to the week with no new deals launching prior to Monday’s open.

However, the market is expected to see an uptick in activity in the July 27 week as companies exit their earnings season blackout.

Meanwhile, the convertibles secondary space was relatively active with $83 million in reported volume a little over one hour into Monday’s session.

Fortive Corp.’s 0.875% convertible notes due 2022 continued to be a major volume mover.

After topping par during Friday’s session, the 0.875% notes again slipped below par.

There were several large prints of the notes around 99.5, according to a market source.

The bonds saw about $10 million in reported volume early in the session.

Fortive stock was changing hands around 71.95, an increase of 1.28%, shortly before 11 a.m. ET.

The industrial conglomerate is slated to report earnings after the market close on Tuesday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.