Morning Commentary: Blackstone up to par in small-volume trades; Insmed active

By Abigail W. Adams

Portland, Me., March 26 – The convertibles space was quiet early in Monday’s session with the mainstays of the secondary market and the $1.185 billion in new paper that priced last week slow to trade.

Blackstone Mortgage Trust Inc.’s 4.75% convertible notes due 2023 traded up to par in scattered small-volume trades early in Monday’s session.

While the 4.75% notes reached par, they were also seen trading in the 97.5 to 98 range early in the session with stock up about 0.5%.

Blackstone priced $220 million of the 4.75% notes on March 22 with an issue price of 98.5. The new notes waivered around their issue price on their market debut on Friday.

Insmed Inc.’s 1.75% convertible notes due 2025 were wrapped around 88 in small-volume trades early Monday after seeing a sell-off on Friday.

The notes dropped about 3 points on Friday to the 87 to 88 range. Insmed stock was up to $22.12 on Monday, an increase of almost 2% early in Monday’s session after dropping 8.6% on Friday.

The 1.75% notes priced in late January and have languished in the low to mid-90s for much of their existence.

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