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Morning Commentary: Workday convertibles active near recent lows; Snap shares rebound
By Rebecca Melvin
New York, Oct. 21 – Convertibles players began to look forward to earnings reports coming up this week as trading remained tame on Monday. U.S. stock markets were edging higher as third-quarter earnings reports continued to come in, beating analysts’ expectations for the most part.
Workday Inc.’s 0.25% convertibles due 2022, or its series C of convertible notes, continued to trade actively after the stock and bonds plunged last week amid questions about the possibility of slower growth for the Pleasanton, Calif.-based business software company.
On Monday the C bonds were trending slightly better in relatively active trade. The Workday bond was last 123.75 bid, 124.124 offered, with shares up about 50 cents at $155.00.
That level was still near its lows following last week’s 11% plunge amid commentary among analysts covering the company, some of whom questioned growth prospects for the company’s Human Capital Management software, which is a core business. The bonds had dropped about 10 points on that day to 126.5 from 136.5.
The market was also anticipating the earnings reports of Helix Energy Solutions Group Inc. and Hope Bancorp Inc., expected after the market close on Monday, and MGIC Investment Corp., NextEra Energy Partners LP, Teradyne Inc. and Snap Inc. reports on Tuesday.
For one hedged market player, the Teradyne and Snap reports were seen as the most interesting. Early on Monday, Snap shares were up 6% at $14.31 as they bounced back from a drop on Friday. Snap priced $1.27 billion of 0.75% convertibles in August. A market in the bond was not immediately available on Monday.
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