Corporate issuers are banking on convertible bond offerings
No, I’m not talking about the little soft-top variety (although they make for better pictures). I’m talking about those chameleon-type securities that change from stocks into bonds and vice-versa. In the US, convertible issuance exceeded $30 bn in 1997, compared to $28 bn in 1996. Worldwide issuance in 1997 reached $45 bn. About 60 percent of all new convertible issuance involves bonds, with the total value outstanding reaching $100 bn for the first time ever in 1997, topping at about
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