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Morning Commentary: SoFi Technologies, Luminar convertibles top par in early trading
By Abigail W. Adams
Portland, Me., Jan. 20 – There was an uptick of activity in the convertibles secondary space on Thursday as equity markets staged a recovery.
The Dow Jones industrial average was up 425 points, or 1.21%, the S&P 500 index was up 1.4%, the Nasdaq Composite was up 1.95% and the Russell 2000 index was up 1.51% shortly before 11 a.m. ET.
There was $88 million in reported convertible bond trading volume about one hour into the session as the equity of some tech names staged a recovery.
SoFi Technologies Inc.’s 0% convertible notes due 2026 continued their upward momentum as stock gains continued.
The 0% notes were up another 4 points outright as stock jumped another 16%.
The 0% notes were changing hands just shy of 102 versus a stock price of $15.36 early in the session.
There was almost $9 million in reported volume.
SoFi’s stock traded up to $16.04, an increase of 17.71%, shortly before 11 a.m. ET.
The stock has gained more than 30% over the past two sessions on news the personal finance company passed regulatory hurdles to become a bank holding company.
Luminar Technologies Inc.’s 1.25% convertible notes due 2026 also saw large price movement alongside stock.
The 1.25% notes rose almost 6.5 points outright with stock up more than 18%.
The 1.25% notes were changing hands at 101.375 versus a stock price of $50.05 early in the session.
Luminar’s stock was changing hands at $15.87, an increase of 18%, shortly before 11 a.m. ET.
The stock surged following news Mercedes-Benz had signed a deal to use Luminar’s technology in its next generation of vehicles.
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