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Morning Commentary: Euronet Worldwide convertible notes stronger in early trading
By Abigail W. Adams
Portland, Me., June 5 – It was a quiet start to the week in the convertibles secondary space with equity markets mixed after Friday’s relief rally.
The Dow Jones industrial average was down 75 points, or 0.20%, the S&P 500 index was up 0.18%, the Nasdaq Composite index was up 0.30% and the Russell 2000 index was down 1.72% shortly before 11 a.m. ET.
There was $55 million in reported volume about one hour into the session with no name seeing concentrated trading activity.
Euronet Worldwide Inc.’s 0.75% convertible notes due 2049 (BBB) saw the heaviest volume early in the session with $4.5 million changing hands over two trades.
The notes were stronger in the early activity.
They added about 0.75 point outright with stock off early in the session.
The notes were trading at 97.25.
Euronet’s stock was $110.54, a decrease of 2.94%, shortly before 11 a.m. ET.
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