CB issuance to be underpinned by refinancings

A larger-than-usual amount of puts and redemptions this year, as well as a renewed desire for growth capital, is generating a lot of dialogue between potential issuers and CB bankers.

While the Asian bond market kicked off the year with an almost crazy amount of new issuance, the number of convertible bonds has been significantly more modest. So far only five deals have come to market and the largest one raised only $250 million. One reason for the discrepancy is that CB issuers are not as concerned as the issuers of straight bonds about trying to lock in low interest rates ahead of the rate hikes that are expected globally...

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