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Morning Commentary: Evergy convertible notes weaken; RingCentral active as CEO departs
By Abigail W. Adams
Portland, Me., Dec. 13 – The convertibles secondary space saw a relatively active start to the day on Wednesday with equities and Treasuries muted ahead of the Federal Open Market Committee’s afternoon announcement.
Equity indexes were either side of unchanged with the Dow Jones industrial average down 7 points, or 0.02%, the S&P 500 index up 0.20%, the Nasdaq Composite index up 0.34% and the Russell 2000 index up 0.04% shortly before 11 a.m. ET.
There was $106 million in reported volume about one hour into the session although the top two traders accounted for more than one-quarter of activity in the space.
Evergy Inc.’s recently priced 4.5% convertible notes due 2027 (BBB) continued to see heavy volume with the notes slightly weaker in early trade.
The 4.5% notes were changing hands at 100.875 versus a stock price of $51.35 early in the session, according to a market source.
There was $19 million in reported volume.
Evergy’s stock was trading at $51.78, an increase of 0.83%, shortly before 11 a.m. ET.
RingCentral Inc.’s 0% convertible notes due 2025 were active early in the session following headlines about the surprise exit of the company’s recently appointed CEO.
The 0% notes were up 2.5 points outright with several prints at 95 pre-open, a source said.
RingCentral’s stock was $31.07, a decrease of 1.49%, shortly before 11 a.m. ET.
Stock fell after the company announced its CEO was leaving after a three-month stint.
RingCentral has been on a campaign to retire its 2025 convertible notes and engaged in several buybacks throughout the year.
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