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Morning Commentary: Convertibles trading volume light; equities struggle for direction
By Abigail W. Adams
Portland, Me., May 21 – It was a quiet morning in the convertibles secondary space on Friday as equities struggled to find direction.
While the Dow Jones industrial average was up 274 points, or 0.81%, and the S&P 500 index was up 0.46%, the Nasdaq Composite wavered between gains and losses and was largely flat shortly before 11 a.m. ET.
There was $89 million on the tape about one hour into the session.
However, few names saw more than $5 million in reported trading volume.
ON Semiconductor Corp.’s 0% convertible notes due 2027 remained active with the notes continuing to gain on an outright basis.
The 0% notes changed hands at 102.5 versus a stock price of $38.94 shortly before 11 a.m. ET.
ON Semiconductor’s stock traded to a high of $39.07 before coming in to trade at $38.40, a decrease of 0.34%, shortly before 11 a.m. ET.
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