Morning Commentary: Bill.com Holdings convertible notes in focus in early trading

By Abigail W. Adams

Portland, Me., Nov. 30 – The convertible secondary space saw a relatively active start to the week as equity markets opened firmly in the red.

The Dow Jones industrial average was down 327 points, the S&P 500 was down 0.75% and the Nasdaq composite down 0.88% shortly before 11 a.m. ET.

While equities were coming in from their highs, November is still poised to be one the best months for equities since April.

There was $85 million in reported volume about one hour into the session with recent issues continuing to dominate the tape.

Bill.com Holdings Inc.’s newly priced 0% convertible notes due 2025 remained in focus with the notes continuing to gain their second day in the secondary space.

The notes were changing hands at 106.375 early in the session as stock wavered between gains and losses.

“They did well,” a source said.

There was $13 million in reported volume about one hour into the session.

Bill.com stock traded to a high of $122.59 early in the session before coming in to trade at $117.69, a decrease of 1.08%, shortly before 11 a.m. ET.

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