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Morning Commentary: Fisker convertible notes offering eyed; Avalara, Cloudflare active
By Abigail W. Adams
Portland, Me., Aug. 12 – The convertibles primary market continued to roll out new offerings with one sizable deal set to price after the market close.
Fisker Inc. plans to price $600 million of five-year green convertible notes after the market close on Thursday with price talk for a coupon of 1.5% to 2% and an initial conversion premium of 40% to 45%, according to a market source.
The deal was heard to be in the market with assumptions of 500 basis points over Libor and a 45% vol.
Using those assumptions, the deal looked 3.51 points cheap at the midpoint of talk, a source said.
Meanwhile, recent deals remained active in the secondary space with equity markets choppy.
While equity benchmarks launched the day in the red, they pared their losses as the session progressed.
Cloudflare Inc.’s 0% convertible notes due 2026 remained below par early in Thursday’s session.
The notes were changing hands at 99.25 versus a stock price of $119.37.
There was about $7 million in reported volume.
Cloudflare’s stock traded as low as $117 at the open but improved alongside the broader market as the session progressed.
Stock was changing hands at $120.99, an increase of 1.66%, shortly before 11 a.m. ET.
Avalara Inc.’s 0.25% convertible notes due 2026 continued to hover around par.
The notes were changing hands at 100.25 versus a stock price of $163.89 early in the session.
There was more than $8.6 million in reported volume.
Avalara’s stock traded as low as $160.49 early in the session but also popped into positive territory as the broader market improved.
Stock was changing hands at $165.50, an increase of 1.92%, shortly before 11 a.m. ET.
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