Morning Commentary: Sea convertibles in focus; Pinduoduo notes active in early trading

By Abigail W. Adams

Portland, Me., Dec. 18 – There was decent trading volume early in Wednesday’s session with outright accounts continuing to take profits from a stellar year.

There was about $73.5 million on the tape a little over one hour into Wednesday’s session with ADR issuers topping the volume charts, a market source said.

Sea Ltd.’s 1% convertible notes due 2024 were in focus early in Wednesday’s session.

The 1% notes were trending lower alongside equity after trading up to 106 during Tuesday’s session.

The notes were seen changing hands at 105.125 with the underlying equity down about 2%.

There was about $11 million in reported volume early in the session.

The American Depositary Receipts from the Singapore-based digital services company traded at $37.08, a decrease of 2.42%, shortly before 11 a.m. ET.

Pinduoduo Inc.’s 0% convertible notes due 2024 also saw renewed attention in the secondary space.

The notes were changing hands at 115 with equity down about 3%, according to a market source.

The notes saw more than $6 million in reported volume.

The Shanghai-based e-commerce platform’s ADRs traded down to $37.49, a decrease of 3.15%, shortly before 11 a.m. ET.

Sea’s 1% convertible notes and Pinduoduo’s 0% convertible notes were the largest issues from foreign-based corporations in 2019 with both issues $1 billion.

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