Morning Commentary: Convertibles secondary market quiet; Expedia notes in focus early

By Abigail W. Adams

Portland, Me., Feb. 22 – The convertibles secondary space saw a quiet start to the week with $66 million on the tape about one hour into the session with equities opening firmly in the red.

The Dow Jones industrial average was down 38 points, the S&P 500 index was off 0.71%, the Nasdaq was down 1.84% and the Russell 2000 was 0.15% lower as rising Treasury yields continued to put a strain on risk assets.

Expedia Group Inc.’s 0% convertible notes due 2026 remained in focus with the notes continuing to gain with stock positive early in the session.

Expedia’s 0% convertible notes due 2026 traded up to 108.25 early in the session with stock up.

Stock was changing hands at $163.23, an increase of 2.71%, shortly before 11 a.m. ET.

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