Morning Commentary: Convertibles secondary trading quiet; Upwork notes in focus early

By Abigail W. Adams

Portland, Me., Aug. 9 – The convertibles secondary space was off to a slow start on Monday.

There was $57 million in reported trading volume as equities saw a choppy start to the week with benchmarks wavering between gains and losses.

Upwork Inc.’s newly priced 0.25% convertible notes due 2026 accounted for the lion’s share of trading activity.

The convertible notes continued to gain on an outright basis their second day in the secondary space.

They were up another 1 point outright with stock up about 1% early in the session.

The 0.25% convertible notes were changing hands at 102.125 versus a stock price of $45.27 early in the session.

There was more than $16 million in reported volume.

Upwork’s stock was changing hands at $45.32, an increase of 1%, shortly before 11 a.m. ET.

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