Morning Commentary: Convertibles secondary market quiet; Fortive notes active early

By Abigail W. Adams

Portland, Me., May 3 – It was a quiet start to the month and the week in the convertibles secondary space with few names on the tape and little change in the names that were trading.

“There’s not much happening at all,” a source said.

Fortive Corp.’s 0.875% convertible notes due Feb. 15, 2022 were the most active bonds on the tape early in the session.

However, the soon-to-mature convertible notes were largely unchanged at 101.5, a source said.

There were 7.5 million of the bonds on the tape early in the session.

Fortive’s stock was changing hands at $71.39, an increase of 0.79%, shortly before 11 a.m. ET.

The trading activity was a continuation from last Friday with the issue active heading into the close, a source said.

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