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Morning Commentary: Convertibles secondary market quiet; Aphria notes see early trading
By Abigail W. Adams
Portland, Me., Oct. 5 – The convertibles secondary space opened the week quietly with few names on the tape and no issuer seeing concentrated trading activity.
There was $28 million in reported volume about one hour into the session.
“Now this is a Monday,” a source said.
While the convertibles secondary space was quiet, equity benchmarks opened the day with gains on news of president Donald Trump’s improved condition following his Covid-19 diagnosis and hospitalization.
The Dow Jones industrial average was up 375 points, or 1.36%, the S&P 500 index was up 1.4% and the Nasdaq composite was up 1.66% shortly before 11 a.m. ET.
However, with conflicting information circulating about the severity of the president’s illness, many were most likely waiting to see if the rebound in equity markets will have a staying effect, a source said.
Booking Holdings Inc.’s 0.75% convertible notes due 2025 were the only notes to see more than $2 million in reported volume early in the session.
The notes were changing hands at 127.5 with $3 million on the tape, a market source said.
Booking Holdings’ stock traded down to $1,676.01, a decrease of 2.02%, shortly before 11 a.m. ET.
Aphria Inc.’s 5.25% convertible notes due 2024 also saw some activity early Monday.
The 5.25% convertible notes were changing hands at 78 with $2 million in reported volume.
Aphria’s stock traded up to $4.86, an increase of 10.07%.
The convertible notes from the cannabis company are from an off-the-run issue that rarely trades in volume, a source said.
However, stock jumped after a Cantor Fitzgerald analyst raised Aphria’s price target and reiterated its “overweight” rating for the stock.
Aphria is scheduled to release its earnings report on Oct. 15.
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