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Morning Commentary: SoFi Technologies convertible notes in focus, gain on earnings
By Abigail W. Adams
Portland, Me., July 31 – The convertibles primary market remained dormant on Monday with July set to close with no new issuance.
While there has been a notable uptick of activity in the primary market in 2023, there are only two years in the past two decades that July has passed with no new issuance – 2022 and 2001, according to the Prospect News database.
There are deals in the pipeline, and with companies emerging from blackout periods, debt maturities looming, and a supportive equity and credit backdrop, the primary market is expected to reactivate shortly, sources said.
Sources expect the pace of issuance in the second half of 2023 to outstrip the first half; however, issuance thus far has fallen short of expectations.
Meanwhile, the secondary space saw another slow start on Monday with equity indexes wavering before notching nominal gains early in the session.
The Dow Jones industrial average was up 58 points, or 0.17%, the S&P 500 index was up 0.13%, the Nasdaq Composite index was up 0.08% and the Russell 2000 index was up 0.88% shortly before 11 a.m. ET.
SoFi Technologies Inc.’s 0% convertible notes due 2026 were in focus with the notes making large outright gains on an earnings beat.
The 0% convertible notes gained 4.5 points outright with stock up 22%.
They were changing hands at 84.75 early in the session.
SoFi’s stock was trading at $11.62, an increase of 21.62%, shortly before 11 a.m. ET.
Stock popped after the online finance company posted a large earnings beat and upped its forward guidance.
SoFi posted losses per share of 6 cents versus analyst expectations for losses per share of 7 cents on revenue of $498 million versus analyst expectations for revenue of $486 million.
The company now expects full-year revenue of $1.97 billion to $2.03 billion, up from its previous guidance of $1.96 billion to $2.02 billion.
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