Convertible issuers frequently refinance upcoming maturities with the issuance of new convertible bonds. As most convertible bonds are non-callable, issuers must decide whether to leave the bonds outstanding or repurchase them concurrently with the issuance of the new bonds. If they are ... >>>Read More
December Convertible Market Review
Total Issuance: December saw 6 convertible debt deals for a total of $2.2 billion. This brings the 2019 total to $41.5 billion of convertible debt issuance over 101 deals. By comparison, 2018 saw $41.0 billion of issuance over 103 deals (2017: $28.2 billion / 80 deals). ... >>>Read More
November Convertible Market Review
Total Issuance: November activity picked up after a quiet October, with 11 convertible debt deals pricing for a total of $4.0 billion. This brings the YTD total to $39.1 billion — on pace to surpass last year’s full year total of $41.0 billion.Flexibility: November’s new issuance showcased the ... >>>Read More
Should all ASRs have 80% Upfront Share Delivery?
An attractive feature of ASRs is the upfront share delivery. The immediate retirement of shares provides greater EPS improvement than an equivalent amount of open market share repurchases. The delivery also significantly reduces the credit exposure to the bank that is created by the ... >>>Read More
An appropriate fee for a convertible bond?
During the week before Thanksgiving, the coincidental execution of two convertible bond transactions provided a classic “A/B” comparison that highlights the variability in fees paid by issuers and the important role of the financial advisor in this regard. What is a typical fee for sub-$100mm ... >>>Read More
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