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Morning Commentary: AirBnb convertible notes in focus early, trade down outright
By Abigail W. Adams
Portland, Me., April 21 – The convertibles secondary space saw an uptick of activity on Wednesday despite a lack of new paper in the market.
There was $95 million on the tape about one hour into the session.
Airbnb Inc.’s 0% convertible notes due 2026 were in focus with the notes trading down on an outright basis with stock under pressure.
The notes were changing hands at 97.875 versus a stock price of $166.95 early in the session.
There was about $6 million in reported volume.
AirBnb’s stock was changing hands at $169.14, a decrease of 0.24%, shortly before 11 a.m. ET.
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