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Morning Commentary: Lucid convertible notes in focus, volatile in early trading
By Abigail W. Adams
Portland, Me., Dec. 13 – Lucid Group Inc.’s 1.25% convertible notes due 2026 continued to dominate activity in the secondary space with the company’s stock volatile in early trading on Monday.
The 1.25% convertible notes were changing hands in a wide range. They traded up to a 101-handle as stock jumped 8% at market open.
However, they traded as low as 99.375 as stock came in as the session progressed.
The notes were changing hands at 100.5 shortly before 11 a.m. ET, with stock again on an upswing.
Lucid’s 1.25% convertible notes accounted for $27 million of the $107 million in reported volume on the tape about one hour into the session.
Lucid’s stock traded as high as $40.29 and as low as $38.02 in the first hour after the opening bell. Stock was $38.87, an increase of 3.05%, shortly before 11 a.m. ET.
Lucid priced a $1.75 billion offering of the 1.25% convertible notes at 99.5 after the market close on Thursday.
The notes underperformed on their secondary market debut on Friday with the notes trading below their discounted issue price and contracting 1.5 to 2 points dollar-neutral.
Outside of Lucid, the secondary space was quiet on Monday with equities in the red in early trading.
The Dow Jones industrial average was down 269 points, or 0.75%, the Nasdaq Composite was down 0.54%, the S&P 500 index was down 0.56% and the Russell 2000 index was down 0.99% shortly before 11 a.m. ET.
Risk assets were under pressure early Monday as the market awaits the highly anticipated Federal Reserve announcement on Wednesday with a hawkish pivot away from pandemic-era stimulus expected.
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