Morning Commentary: Secondary trading slow; investment-grade convertibles in focus

By Abigail W. Adams

Portland, Me., April 19 – The convertibles secondary space was off to a slow start on Monday.

“It’s pretty boring out there,” a source said.

There was $83 million on the tape about one hour into the session with few names seeing more than $5 million in reported volume.

Investment-grade convertibles continued to top the volume charts with high-grade names favored among buyers.

Fortive Corp.’s 0.875% convertible notes due 2022 topped the volume charts although the notes were little changed on an outright basis.

The 0.875% notes continued to trade around 101.375.

Fortive’s stock was changing hands at $71.97, a decrease of 0.54%, shortly before 11 a.m. ET.

There was more than $7 million in reported volume.

Expedia Group Inc.’s 0% convertible notes due 2026 continued to trade actively.

The notes were changing hands at 109.875 versus a stock price of $175.52 early in the session.

Expedia’s stock was $175.29, an increase of 0.79%, shortly before 11 a.m. ET.

© 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.