Morning Commentary: Affirm Holdings convertible notes active on quiet morning

By Abigail W. Adams

Portland, Me., March 17 – It was a quiet morning in the convertibles secondary space as equity markets struggled to find direction after the Nasdaq Composite and S&P 500 index notched their largest two-day gains since 2020.

Indexes were mixed early in the session after each wavered between gains and losses.

The Dow Jones industrial average was down 57 points, or 0.19%, the S&P 500 index was down 0.19% and the Nasdaq Composite was down 0.50% shortly before 11 a.m. ET.

However, the Russell 2000 index remained in positive territory and was up 0.44%.

There was $60 million in reported volume on the tape with few names seeing concentrated trading.

However, Affirm Holdings Inc.’s 0% convertible notes due 2026 were in focus as the notes traded off their lows.

The 0% notes were changing hands at 65.125 early in the session with the yield now 9.444%, according to a market source.

There was $10 million in reported volume.

The notes continued to see nominal improvement after trading down to an all-time low of 63 on Monday.

Affirm’s stock continued its upward momentum after hitting its 52-week low on Monday.

Stock was changing hands at $34.20, an increase of 1.83%, shortly before 11 a.m. ET.

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