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Morning Commentary: High-grade convertible notes soft in early trading on retail data
By Abigail W. Adams
Portland, Me., Jan. 17 – The convertibles primary market remained dormant early Wednesday with the prospect for new deal activity dimming in the holiday-truncated week.
Meanwhile, the secondary space was off to a quiet start on Wednesday as the latest retail data sparked a risk-off sentiment in markets.
Equity indexes were in the red as Treasury yields rose with the market dialing back its rate cut expectations after stronger-than-anticipated consumer spending.
The Dow Jones industrial average was down 54 points, or 0.14%, the S&P 500 index was down 0.59%, the Nasdaq Composite index was down 1.07% and the Russell 2000 index was down 1.00% shortly before 11 a.m. ET.
There was $70 million in reported convertible bond trading volume about one hour into the session with the top two names accounting for more than half of the total activity in the space.
Duke Energy Corp.’s 4.125% convertible notes due 2026 (Baa2/BBB) and Evergy Inc.’s 4.5% convertible notes due 2027 (Baa2/BBB) were weaker in heavy volume amid the move in Treasuries.
Duke Energy’s 4.125% convertible notes were off about 0.375 point outright.
The notes were trading just north of 100.375 versus a stock price of $97.88 early in the session, according to a market source.
There was $20 million in reported volume.
Duke’s stock was trading at $97.80, a decrease of 0.22%, shortly before 11 a.m. ET.
Evergy’s 4.5% convertible notes due 2027 were also off about 0.375 point outright.
The notes were changing hands at 102.875 versus a stock price of $54.38 early in the session, a source said.
There was $17 million in reported volume.
Evergy’s stock was trading at $52.44, a decrease of 0.80%, shortly before 11 a.m. ET.
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