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Morning Commentary: Fortive converts in focus, improve
By Abigail W. Adams
Portland, Me., Dec. 16 – It was a slow Monday in the convertible secondary space with volume light and few notable movements, according to a market source.
There was about $53.5 million on the tape a little over one hour into the session with the usual suspects in focus.
Fortive Corp.’s 0.875% convertible notes due 2022 remained major volume movers in the secondary space as they have been for the past two weeks.
The 0.875% notes continued to improve in high-volume activity on Monday.
The notes were changing hands at 100.875 with more than $7.5 million in reported volume early in the session, a market source said.
Fortive stock was changing hands at $76, an increase of 1.07% shortly before 11 a.m. ET.
The 0.875% notes have been active in the secondary space for much of December and were improving on both an outright and dollar-neutral basis in high-volume activity, a source said.
The notes popped above par last Friday after trading in the 98 to 99 range since September.
Trip.com Group Ltd.’s 1% convertible notes due July 1, 2020 also once again topped the volume charts.
The 1% notes from the Shanghai-based provider of travel services that was formerly known as Ctrip.com have seen renewed attention as their maturity date approaches.
The 1% notes were changing hands at 98.625 early in Monday’s session with about $5 million in reported volume.
The yield-to-maturity on the notes is 3.61%, which is pretty good for a short-dated piece of paper “if you trust the company,” a market source said.
The current premium on the notes is also 57%, which is not outrageous, the source said.
Trip.com’s American Depositary Receipts were trading up to $34.13, an increase of 1.04%, shortly before 11 a.m. ET.
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