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Morning Commentary: Convertibles trading light; Booking Holdings, ServiceNow active
By Abigail W. Adams
Portland, Me., Aug. 29 – After a jump in trading volume a day earlier, the convertibles secondary market was again quiet on Wednesday with about $33 million on the tape early in the session.
ServiceNow Inc.’s 0% convertible notes due 2022 were volume leaders early Wednesday with the notes climbing on an outright basis as stock broke out to a new 52-week high. The convertible notes were changing hands at 150.5 with about $3 million on the tape, according to a market source.
ServiceNow stock again broke out to a new 52-week high with the stock seeing upward momentum since Aug. 23 when ServiceNow and Box, Inc. announced they were integrating their platforms.
The stock traded up to $199.98 early Wednesday, an increase of 2.94%.
Booking Holdings Inc.’s 0.35% convertible notes due 2020 were also volume leaders early in the session with $3 million bonds on the tape. The notes were seen trading at 147.75 on an outright basis. Booking Holdings stock was up slightly early in the session to $1,945.755, an increase of 0.76%.
Huazhu Hotels Group Ltd.’s 0.375% convertible notes due 2022 continued to see trading action in the secondary space with $2 million bonds on the tape early in the session.
The 0.375% notes were seen trading at 104.625 early in the session. Huazhu’s stock was up slightly to $34.4901, an increase of 1.5%, early Wednesday.
The 0.375% convertible notes from the Shanghai-based hotel management company have performed well alongside stock over the past few trading sessions, a market source said, despite the impasse in trade negotiations between the United States and China.
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