Morning Commentary: Convertibles secondary market quiet at open; Nio notes in focus

By Abigail W. Adams

Portland, Me., Jan. 19 – The convertibles secondary space saw a quiet return from the long weekend.

While there was $87 million on the tape about one hour into Tuesday’s session, few names saw concentrated trading activity.

Nio Inc.’s two tranches of convertible notes remained in focus with the notes posting gains alongside stock.

Nio’s 0% notes due 2026 were up about 1 point outright with stock up about 2%.

The notes were changing hands at 103.25 early in the session with $5 million in reported volume, according to a market source.

Nio’s 0.5% convertible notes due 2027 remained on a par handle with the notes changing hands at 100.625 early in the session.

Nio’s stock was changing hands at $57.30, an increase of 1.85%, shortly before 11 a.m. ET.

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