Morning Commentary: Palo Alto, Pinduoduo convertible notes active in early trading

By Abigail W. Adams

Portland, Me., Nov. 23 – The convertibles secondary space was active early in Monday’s session as equities rallied on more positive Covid-19 vaccine news.

There was $93 million on the tape about one hour into Monday’s session.

Palo Alto Networks Inc.’s 0.375% convertible notes due 2025 were in focus with the notes trading down outright alongside stock.

The notes were down about 1 point outright with stock off about 1%.

The convertibles were changing hands at 116.5 with more than $14 million on the tape early in the session.

Palo Alto’s stock was trading at $290.14, a decrease of 0.65%, shortly before 11 a.m. ET.

The cyber-security firm recently announced earnings, a new acquisition and the industry’s first 5G security offering to position itself as a leading provider of security for 5G networks.

Meanwhile, Pinduoduo Inc.’s 0% convertible notes due 2025 remained active with the notes continuing to gain on an outright basis.

The 0% notes traded up to 108.25 early in the session with about $12 million in reported volume.

The Shanghai-based e-commerce company’s ADSs traded as high as $148.94 before coming in to change hands at $143.99, an increase of 0.31%, shortly before 11 a.m. ET.

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