Morning Commentary: Seagate, Coinbase convertible notes active

By Abigail W. Adams

Portland, Me., April 3 – The secondary convertible bond space had a relatively active start to the day on Wednesday as equity indexes recovered from the heavy selling of the previous session.

The Dow Jones industrial average was up 82 points, or 0.21%, the S&P 500 index was up 0.33%, the Nasdaq Composite index was up 0.46% and the Russell 2000 index was up 0.33% shortly before 11 a.m. ET.

There was $94 million in reported volume about one hour into the session with the names in play diversifying after the high-grade-centric trading activity of the past two sessions.

Seagate HDD Cayman’s 3.5% exchangeable notes due 2028 was among the most actively traded issues early in the session with the notes inching higher on a strong open for stock.

The 3.5% exchangeable notes added about 1 point outright with stock up almost 2%.

The notes were trading at 125.375 versus a stock price of $91.60 early in the session, according to a market source.

There was $7 million in reported volume.

Seagate stock was trading at $91.90, an increase of 1.85%, shortly before 11 a.m. ET.

Coinbase Global Inc.’s 0.25% convertible notes due 2030 also had some action early in the session although the notes were largely unchanged.

The 0.25% convertible notes were trading at 101.5 versus a stock price of $247 early in the session, a source said.

There was $6 million in reported volume.

Coinbase stock was trading at $252.42, an increase of 2.67%, shortly before 11 a.m. ET.

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