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Morning Commentary: Convertibles moving in-line in quiet trade; month-end activity muted
By Rebecca Melvin
New York, Sept. 29 – Convertibles were trading quietly early Friday without much notable action as the space moved in line with underlying shares and within most existing bid-offer spreads, a New York-based trader said.
“Things are very quiet,” the trader said. “We are in between earnings cycles right now, and the market is pretty rich, so there isn’t a lot of motivation to trade.”
Even month-end market activity related to portfolio rebalancing was muted.
But Microchip Technology Inc.’s A tranche was a notable convertible issue trading actively at about 120.875 versus an underlying share price of $89.00.
Outright buyers and sellers were attributed for the action rather than any news specific to the Chandler, Ariz.-based semiconductor company.
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