Morning Commentary: Convertibles secondary quiet amid equity sell-off; DISH active

By Abigail W. Adams

Portland, Me., May 9 – It was another slow start to the week in the convertibles secondary space as the carnage in equity markets continued.

The Dow Jones industrial average was down 532 points, or 1.63%, the S&P 500 index was down 2.42%, the Nasdaq Composite index was down 3.17% and the Russell 2000 index was down 3.12% shortly before 11 a.m. ET.

There was $60 million in reported volume a little more than one hour into the session.

However, no name saw more than $5 million in reported volume.

DISH Network Corp.’s 3.375% convertible notes due 2026 continued to see action after posting large losses during Friday’s session.

The 3.375% convertible notes were changing hands at 79.625 versus a stock price of $22.39 early in the session.

There was $4 million in reported volume.

DISH’s stock was trading at $21.24, a decrease of 4.39%, shortly before 11 a.m. ET.

The 3.375% convertible notes have dropped more than 4 points outright since reporting earnings after the market close on Thursday.

DISH’s stock has cratered more than 25%.

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