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Morning Commentary: SSR Mining convertible notes in focus on call news; Wayfair active
By Abigail W. Adams
Portland, Me., Feb. 14 – The convertible secondary space saw another slow start to the day with trading volume dwindling with a three-day weekend approaching.
There was $64 million in reported volume about one hour into the session.
SSR Mining Inc.’s 2.875% convertible notes due 2033 were in focus after the Vancouver, B.C.-based mining company announced on Thursday it was calling the issue.
The 2.875% notes were changing hands just north of 101 with $10 million in reported volume, a source said.
SSR Mining announced it would redeem the full outstanding $114.95 million amount of the 2.875% notes at par plus accrued interest on March 30.
The notes were trading at a slight discount to the amount that would be received at redemption, a source said.
Meanwhile, Wayfair Inc.’s convertible notes continued to trade off on an outright basis as stock wavered between gains and losses following news the e-commerce company was laying off 3% of its workforce.
Wayfair’s 1% convertible notes due 2026 were down about 1 point outright and were changing hands just shy of 85 early in Friday’s session, according to a market source.
The bonds saw $7 million in reported volume about one hour into the session.
The notes dropped about 6 points outright on Thursday following the layoff announcement.
Wayfair’s 0.375% convertible notes due 2022 were also down about 1 point outright to 104 with $4 million on the tape early Friday.
The notes were changing hands around 113 heading into Thursday’s session.
Wayfair stock sank to $80.56 soon after the opening bell but rebounded and was changing hands at $82.31, an increase of 0.18%, shortly before 11 a.m. ET.
Wayfair stock dropped more than 14% on Thursday.
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