Morning Commentary: High trading volume eyed; Luckin Coffee, Western Digital active

By Abigail W. Adams

Portland, Me., Jan. 15 – While it was previously believed the Jan. 13 week would be an active one for the convertibles primary market, no new Rule 144A deals were announced and none are expected before the end of the week, sources said.

While no new paper entered the secondary space, trading volume continued to be abnormally high.

There was $145 million in reported volume about one hour into Wednesday’s session.

Luckin Coffee Inc.’s 0.75% convertible notes due 2025 were again in focus with the notes continuing to move higher on an outright basis.

The notes were changing hands at 106.625 early in the session with more than $17.4 million in reported volume.

While Luckin’s ADS spiked shortly after the opening bell, they came in to trade largely flat shortly before 11 a.m. ET.

Luckin’s ADS traded as high as $46.94 but were changing hands at $45.95, an increase of 0.33%, shortly before 11 a.m. ET.

Western Digital Corp.’s 1.5% convertible notes due 2024 were also active early in the session with more than $11 million in reported volume.

The bonds were trading at 100.25 with stock off early in the session.

Western Digital stock was $66.97, a decrease of 3.24%, shortly before 11 a.m. ET.

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