Morning Commentary: Square prices $1 billion in two parts; Liberty/Live Nation upsizes

By Rebecca Melvin

New York, Nov. 10 – Three new issues hit the convertibles primary market on Tuesday, including Liberty Media Corp.’s upsized $800 million of 30-year notes exchangeable for Live Nation Entertainment Inc.’s common stock, and Square Inc.’s long five-year convertible notes and seven-year convertible notes, which are $500 million each in size.

The new Square 0% 2026 convertibles and 0.25% 2027 convertibles were not yet heard in trade, but an older Square convertible, a 0.125% note due 2025, was down sharply. It was last seen changing hands at 155.432, which was down 11.6 points, according to Trace data.

Square shares were down $6.89, or 3.7%, at $177.19, albeit off their low of the day notched at $167.11.

The tech space was weighing on the equity markets as stocks came off following a rally on Monday.

The underlying shares of the new Liberty/Live Nation exchangeable were holding in better with only a 20 cent, or 0.3%, slip to trade last at $64.14.

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