Morning Commentary: Western Digital, Micron Technology convertibles actively traded

By Abigail W. Adams

Portland, Me., Dec. 10 – The convertible secondary market opened Monday with decent trading volume, as the sell-off in equities continued with the Dow Jones industrial average down 345 points shortly before 11 a.m. ET.

There was about $69 million on the tape early in the session, which was higher than average for a Monday morning, although it was dispersed across a broad range with few names seeing more than $5 million on the tape, a market source said.

Western Digital Corp.’s 1.5% convertible notes due 2024 were once again among the most active issues in the secondary space with $6.5 million on the tape shortly before 11 a.m. ET.

The notes saw little price movement and continued to trade around 83.

Western Digital stock was off slightly early in Monday’s session. Stock was $41.29, a decrease of 1.76%, early in the session.

Micron Technology Inc.’s 3% convertible notes due 2043 were also active early in the session as stock waivered between gains and losses.

The 3% convertible notes were trading around 121.625, a market source said. Stock was up slightly early in the session but sunk down to $34.96, a decrease of 0.99%, shortly before 11 a.m. ET.

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