As part of our market update series, please see the summary below of what we saw in the convertible market in the second quarter of 2023 along with some key takeaways. Q2 volume of $14.3 billion slightly surpassed Q1 volume of $13.2 billion, and now puts 2023 on pace for ~$55 billion of ... >>>Read More
Convertible Liability Management: Earlier and More Outside of Convert-for-Convert Refinancings
We have previously discussed the economic rationale for repurchasing convertible bonds in times of market turbulence. Today we look at actual data regarding recent liability management transactions, and find:Over the past year, issuers have addressed upcoming convertible maturities on average 2.35 ... >>>Read More
Update: Convertible Settlement Method Structuring after New Accounting Standards
In a prior post we examined the nascent shift from convertible bonds being structured predominantly as “Flexible Settlement” towards being structured as “Net Share Settled”. This migration began in 2021 as issuers began to early-adopt the new accounting standards under ... >>>Read More
Early Read: No Meaningful Impact in Q1 from 1% Tax on Stock Buybacks
The Inflation Reduction Act of 2022 implemented an excise tax on corporations equal to 1% of the fair market value of stock repurchased during each taxable year, netted against the value of shares issued (including for stock-based compensation). The IRS followed up with more detailed guidance. The ... >>>Read More
Managing Debt in an Uncertain Environment – Assessing a Cash Repurchase
Macro market volatility along with a rise in interest rates has had a material impact to all asset classes in US capital markets. As a result, many debt securities (including convertible debt) are trading below par. In this blog post, we review why a potential repurchase of convertible bonds ... >>>Read More
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