Morning Commentary: Spotify convertible notes active on slow start in secondary

By Abigail W. Adams

Portland, Me., Jan. 17 – It was a slow return from the long weekend in the convertibles secondary space with the market flat in light volume.

Equity indexes were struggling to find direction early Tuesday after the strong rally of the previous week with indexes wavering between gains and losses in early trading.

The Dow Jones industrial average was down 313 points, or 0.92%, the S&P 500 index was down 0.06%, the Nasdaq Composite index was down 0.04% and the Russell 2000 index was down 0.09% shortly before 11 a.m. ET.

Few were making moves early in the session with $47 million in reported volume and no major price movements.

Spotify Technology SA’s 0% exchangeable notes due 2026 were the most actively traded issue early in the session although with little change to price.

The 0% notes were changing hands at 83 versus a stock price of $91.14 early in the session, according to a market source.

The yield was about 6%.

There was $6 million in reported volume.

Spotify’s stock was seen at $91.47, a decrease of 0.62%, shortly before 11 a.m. ET.

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