US convertible bond market has biggest ever month for issuance

By Aidan Gregory
04 Jun 2020

US convertible bond issuance topped $21.3bn in May as American companies rushed to raise funding during the Covid-19 global pandemic, transforming a niche corner of the equity capital markets into a significant source of banking fees.

The amount of new convertible bonds issued last month was more than any other month on record, according to Dealogic data, surpassing April 2008, when US companies sold $20bn of equity-linked debt following the onset of the 2008 crisis.

Convertible bonds have boomed during the pandemic, with ...

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