Morning Commentary: Affirm convertibles trade below par; Bilibili gains in early trading

By Abigail W. Adams

Portland, Me., Nov. 22 – It was an active morning in the convertibles secondary space with new issues and topical news bolstering trading activity.

There was $91 million on the tape about one hour into the session.

Affirm Holdings Inc.’s 0% convertible notes due 2026 gave back much of their outright gains and dropped below par early in Monday’s session.

The notes were down about 1.5 points outright with stock off about 9%.

The convertibles were changing hands at 99.5 versus a stock price of $129.99 early in the session.

There was about $16 million in reported volume.

Affirm’s stock traded down to $123.62, a decrease of 9.71%, shortly before 11 a.m. ET.

However, Bilibili Inc.’s 0.5% convertible notes due 2026 were on the rise as the ADR space improved amid growing optimism of a more accommodative monetary policy from Beijing.

The 0.5% notes were up about 1.5 points outright with the company’s American Depositary Shares gaining 3%.

The 0.5% notes were changing hands at 101.25 versus an equity price of $68.96 early in the session.

There was about $14 million in reported volume.

Bilibili’s equity was trading at $69.07, an increase of 2.91%, shortly before 11 a.m. ET.

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