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Morning Commentary: ADR convertible notes active in early secondary trading
By Abigail W. Adams
Portland, Me., Jan. 27 – It was another active start to the day in the convertibles secondary space on Thursday with equity markets again launching the day strong although they lost steam as the session progressed.
The Dow Jones industrial average was up 555 points, or 1.64%, the S&P 500 index was up 1.5%, the Nasdaq Composite index was up 1.10% and the Russell 2000 index was up 0.36% shortly before 11 a.m. ET.
There was $120 million in reported convertible bond trading about one hour into the session with the convertible notes of several ADR companies among the most actively traded.
Bilibili Inc.’s 0.5% convertible notes due 2026 continued to trade lower on an outright basis with the company’s equity deep in the red.
The 0.5% convertible notes were changing hands at 75.25 versus an equity price of $30.65, according to a market source.
The notes were now yielding 10.85%.
There was $7.5 million in reported volume.
Bilibili’s American Depositary Shares were changing hands at $30.92, a decrease of 3.71%, shortly before 11 a.m. ET.
iQIYI Inc.’s 2% convertible notes due 2025 were on the rise as the company’s equity gyrated between gains and losses.
The 2% convertible notes were up about 0.75 point outright. They were changing hands at 76.5 early in the session with a yield of 26.68%.
The notes become putable on April 1, 2023.
The Beijing-based online entertainment service provider made good on the put option for its 3.75% convertible notes due 2023.
iQIYI’s American Depositary Shares were changing hands at $3.64, an increase of 1.96% shortly before 11 a.m. ET.
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