Morning Commentary: Convertibles secondary quiet and flat; Duke convertibles active

By Abigail W. Adams

Portland, Me., April 11 – It was another sleepy start to the session in the convertibles secondary space with the market flat in thin volume.

Equity indexes were again mixed and Treasuries flat as the market awaits the next catalyst for movement.

“There are no themes,” a source said. “No one knows what to do.”

The Dow Jones industrial average was up 39 points, or 0.12%, the S&P 500 index was down 0.09%, the Nasdaq Composite index was down 0.50% and the Russell 2000 index was up 0.83% shortly before 11 a.m. ET.

There was $49 million in reported convertibles trading volume about one hour into the session with three issues accounting for nearly half of the volume on the tape.

Duke Energy Corp.’s 4.125% convertible notes due 2026 (Baa2/BBB) remained the top traded issue in the space with the notes unchanged.

The 4.125% notes continued to trade around 101.875 early in the session.

There was $15 million in reported volume.

Duke’s stock was changing hands at $99.23, an increase of 0.10%, shortly before 11 a.m. ET.

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