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Envestnet Inc, the US provider of software to the wealth management industry, has raised $450m via the sale of a new convertible bond, joining the horde of software companies that have tapped the equity-linked market during the pandemic. -
Convertible bond market participants are expecting a busy September for new issuance, including a potential resurgence of distressed deals if an economic recovery from the pandemic and associated lockdowns fails to materialise.
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Wayfair, the US e-commerce company that sells home office furniture, has raised $1.32bn with the sale of a new convertible bond, after a surge in its stock price during the Covid-19 pandemic.
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KKR, the US private equity group, has sold a $1bn mandatory convertible bond to fund its acquisition of life insurer Global Atlantic Financial Group, which it announced last month.
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The huge swathe of dividend cuts UK companies have made because of lockdown has created an opportunity, to issue equity capital, for those that have not stopped returning money to their owners.
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The convertible bond market has played a vital role during the Covid-19 global pandemic in funding corporates that were in urgent need of liquidity as the crisis took hold. Deals have performed for investors too, although they should be concerned about the potential for rising defaults.
