Convertibles in the Press

Convertible bonds deliver top hedge fund gains

Convertible bonds have produced some of the most remarkable hedge fund gains this year after savage deleveraging in the asset class in 2008, according to research house reports on recent industry returns.

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Companies Return to Convertibles - Financial Times 05/11/2009

“Good weather conditions have returned to the convertible bond market for UK companies as tight credit markets and a flurry of oversubscribed convertible bond issues tempt UK companies into the market.”

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The Stock-Bond Chimera - Forbes 05/06/2009

"If you seek the safety and yield of fixed income but don't want to miss a rebound in equities, convertibles may be the answer"

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Convertible Issues Return to Levels Not Seen For A Year– Financial Times 05/05/2009

“Tangible signs of revival in the global equity capital markets took place in April, with the amount of money raised through initial public offerings, follow-on offerings and, most noticeably, convertible bonds, reaching levels not seen since mid-way through last year.”

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Convertible Bonds Bounce Back - Forbes 04/27/2009

"The market for half-stock, half-bond hybrids known as convertible bonds has sprung to life. Derivatives and anything slightly complex are supposed to be out of favor right now, but one preferred security of hedge-fund managers has recently staged a comeback. Convertible bonds, after having the market for them killed last year by the temporary ban on short-selling financial companies, have surged 11% this year."

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Convertibles Get A Brief Boost - Financial Times 04/26/2009

“Convertible bonds are fast replacing corporate bonds as the latest asset class for investors. Drawn by news stories of the Qataris buying into Barclays and Warren Buffett investing into Goldman Sachs using convertibles, the lure of the bond/equity mix has proved irresistible. “
Convertible Sales Show Bernanke Opens Cheap Credit – Bloomberg 04/21/2009

“For the first time in six months the market for convertible bonds is open for business as companies whose credit was shut off turn to the securities to refinance debt.”

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ArcelorMittal Sells Largest ’09 Corporate Convertible – Bloomberg 03 03/24/2009

“ArcelorMittal, the world’s biggest steelmaker, is issuing 1.1 billion euros ($1.5 billion) of convertible bonds, in the largest sale of the notes by a non- financial company this year.”

Original Article