Morning Commentary: Tesla convertibles higher in active trade

By Rebecca Melvin

New York, Oct. 4 – Tesla Inc. convertibles were among the most actively traded issues in the space early Wednesday as the paper continued to move higher with the underlying shares following a sharp pullback on Monday, according to market sources.

Tesla’s convertibles and shares fell late Monday after news that deliveries of its Model 3 sedans were delayed due to “production bottlenecks.”

But on Wednesday the Tesla 0.25% convertible notes due 2019 added nearly 1.5 points to 112.8 early Wednesday, after gaining 2 to 2.5 points and finishing at 111 to 111.5 on Tuesday.

The Tesla 1.25% convertible notes due 2021 jumped almost 3 points to 115.9 early Wednesday, from essentially unchanged on Tuesday at 112 to 113.

Tesla’s shares were up $7.61, or 2.2%, last at $355.75.

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