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Morning Commentary: Asian convertible notes eyed in early trading as stocks rally
By Abigail W. Adams
Portland, Me., Jan. 6 – Asian names in the convertible bond market were on the tape on Friday on a strong day for equity markets with the latest non-farm payrolls report spurring gains in equities.
The Dow Jones industrial average was up 63 points, or 1.64%, the S&P 500 index was up 1.63%, the Nasdaq Composite index was up 1.55% and the Russell 2000 index was up 1.98% shortly before 11 a.m. ET.
Indexes pared their losses from a turbulent week as markets gyrated between gains and losses as markets interpreted a slew of economic data.
However, the convertible secondary space remained quiet amid the volatility with Friday marking another slow start to the trading session with $80 million on the tape about one hour into the session.
However, Asian names were in focus with several names sparking buying interest.
Bilibili Inc.’s 0.5% convertible notes due 2026 were in focus with someone “paying a high price for the notes,” a source said.
The 0.5% notes were up about 0.75 point to trade as high as 79.75, a source said.
The notes are largely a yield play with a put date of Dec. 1, 2024.
However, Bilibili’s equity was in the red early Friday and was changing hands at $27.91, a decrease of 4.42%.
Pinduoduo Inc.’s 0% convertible notes due 2025 were also on the rise in active trade.
The notes rose about 0.5 point outright to change hands at 95.5 early in the session.
The notes are also a yield play with a put date of Dec. 1, 2023.
Asian names have sparked investor interest in the New Year as Beijing Covid-policy shifts and the country moves toward reopening.
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