Morning Commentary: Liberty Media exchangeable notes in focus in early activity

By Abigail W. Adams

Portland, Me., Nov. 13 – The convertibles secondary space was active early in Friday’s session as equity benchmarks rebounded from Thursday’s dip.

There was $92 million in reported volume about one hour into Friday’s session, according to a market source.

However, few names saw concentrated trading activity.

While there was a wide berth to the activity early Friday, Liberty Media Corp.’s 0.5% notes due 2050 exchangeable for Live Nation Entertainment Inc.’s common stock were in focus.

The 0.5% notes, which dipped below par during Thursday’s session, popped back above in early trading with Live Nation stock again on the rise alongside the broader market.

The 0.5% exchangeable notes jumped 1 point outright with stock up almost 4%.

The notes were changing hands at 100.5 versus a stock price of $64.72 early in Friday’s session, a source said.

There was more than $10 million in reported volume about one hour into the session.

Live Nation’s stock was changing hands at $64.92, an increase of 4.17%, shortly before 11 a.m. ET.

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