Morning Commentary: Lyft convertible notes active in early trading

By Abigail W. Adams

Portland, Me., March 22 – Activity in the convertibles secondary space slowed early Friday as equities pulled back from the fresh heights reached after the Federal Open Market Committee’s Wednesday announcement.

The Dow Jones industrial average was down 159 points, or 0.40%, the S&P 500 index was down 0.16%, the Nasdaq Composite index was down 0.13% and the Russell 2000 index was down 0.76% shortly before 11 a.m. ET.

There was $71 million in reported volume about one hour into the session with few names seeing concentrated trading activity.

Lyft Inc.’s 1.5% convertible notes due 2025 were among the most actively traded issues in the space with the notes holding the strong gains made the previous session.

The 1.5% notes were unchanged in early trade.

They remained wrapped around 98 with stock off slightly, according to a market source.

There was $7 million in reported volume.

The 1.5% notes gained about 2 points outright the previous session.

Lyft’s more recent 0.625% convertible notes due 2029 were quiet early Friday with the notes holding the strong gains made over the past week.

The notes were also largely unchanged and trading at 119.25 early in the session after gaining 8 to 9 points outright over the past week.

Lyft’s stock was trading at $19.88, a decrease of 1.97%, shortly before 11 a.m. ET.

Stock has risen more than 15% over the past three session as it rallied alongside broader markets post-Fed.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.