Morning Commentary: Fortive convertible notes active on quiet morning

By Abigail W. Adams

Portland, Me., Dec. 23 – The convertibles secondary space was quiet early Thursday and expected to stay that way with bond markets closing early for the holiday-shortened week.

While there was little activity in the convertibles market, equities stood poised for three straight days of gains with benchmarks strong early in the session.

The Dow Jones industrial average was up 219 points, or 0.61%, the Nasdaq was up 0.66%, the S&P 500 index was up 0.67% and the Russell 2000 index was up 0.52% shortly before 11 a.m. ET.

There was $45 million in reported volume about one hour into the session with no name seeing more than $5 million in reported volume.

Fortive Corp.’s 0.875% convertible notes due Feb. 15, 2022 were the most actively traded name early in the session as the notes approach their maturity.

The notes were trading at par with a yield of 0.796%.

There was $5 million in reported volume.

The notes will be redeemed at par plus accrued interest on Feb. 15.

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