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Analysis: rise of the convertibles
04 June 2013
The global convertibles market is on an upward trajectory, finds Hardeep Dhillon
Increasing primary market issuance and favourable returns have led to convertibles quickly becoming a market favourite this year. In the final two weeks of May, there was $4.5bn of new issuance, with supply averaging at an annualised $70bn per year.
The issuance cycle is dependent on rising interest rates or increasing share prices, so there is likely to be further primary market supply.
“The factors are ripe for more issuance and we have a more balanced market due to a reduction in the convertible arbitrage plays from...
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