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Morning Commentary: Bentley Systems in focus on takeover talk; Super Micro stock plummets
By Abigail W. Adams
Portland, Me., April 19 – While the convertible primary market marked its third consecutive week with no new issuance, the secondary space had an uptick of activity with topical news jumpstarting activity in outstanding issues.
Equity indexes were mixed early Friday with the tech-heavy Nasdaq the underperformer with Netflix under pressure post-earnings.
The Dow Jones industrial average was up 203 points, or 0.54%, the S&P 500 index was down 0.17%, the Nasdaq Composite index was down 0.83% and the Russell 2000 index was up 0.38% shortly before 11 a.m. ET.
There was $80 million in reported volume about one hour into the session.
In a carryover from the previous session, Bentley Systems Inc.’s 0.375% convertible notes due 2027 remained active with the notes holding on to the strong gains made after news broke midsession Thursday about a potential takeover.
The 0.375% convertible notes were largely unchanged day over day with the notes wrapped around 92, a source said.
There was $14 million in reported volume.
Bentley Systems’ stock was trading at $51.78, a decrease of 0.64%, shortly before 11 a.m. ET.
The 0.375% convertible notes jumped 4 points outright as stock surged 6% late Thursday after Schneider Electric confirmed it was in discussions with Bentley Systems about a potential acquisition in response to market speculation.
The talks are in their preliminary stages, Schneider Electric said in a press release.
While the notes had not yet hit the tape, Super Micro Computer Inc.’s 0% convertible notes due 2029 were expected to be active with stock among the worst performers in the S&P 500.
Super Micro stock was trading at $813.51, a decrease of 12.38%.
“Usually the stock moves first, then the bondholders decide what they want to do,” a source said.
Stock plunged after Super Micro announced its earnings report date for April 30 with no preannouncement.
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