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Morning Commentary: Convertibles trading quiet as earnings kick off; Airbnb notes active
By Abigail W. Adams
Portland, Me., Jan. 13 – Activity in the convertibles secondary space was muted early Friday with few names making moves as earnings season kicks off.
Equity indexes again saw a choppy start to the session with indexes opening deep in the red but paring their losses to turn mixed as the session progressed.
The Dow Jones industrial average was up 36 points, or 0.11%, the S&P 500 index was down 0.15%, the Nasdaq Composite index was down 0.06% and the Russell 2000 index was up 0.07% shortly before 11 a.m. ET.
There was $80 million of convertibles trading on the tape about one hour into the session with a wide variety of names in play.
There was no clear focus to Friday’s activities with no name seeing more than $5 million in reported volume.
Airbnb Inc.’s 0% convertible notes due 2026 continued to attract buying interest with the notes continuing their strong uptrend in early trade.
The notes were lifted another 0.25 point outright to trade in the 86 to 86.25 context.
There was $4 million in reported volume.
Airbnb’s stock was changing hands at $99.58, an increase of 1.11%, shortly before 11 a.m. ET.
The convertible notes of China-domiciled companies also continued to attract attention.
H World Group Ltd.’s (formerly Huazhu Group Ltd.) 3% convertible notes due 2026 jumped in early trade.
The 3% notes gained 4.5 points outright with the company’s American Depositary Shares up 2.5%.
The notes were seen at 135 versus an equity price of $48.05 early in the session.
H World’s ADSs were trading at $47.91, an increase of 2.5%, shortly before 11 a.m. ET.
The company priced a follow-on offering of 6.19 million shares at $42 on Wednesday, according to a company news release.
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