As part of our market update series, please see the summary below of what we saw in the convertible market in Q4 2022 along with some year-end takeaways. Although Q3 and Q4 were relatively active (with ~$10 billion of issuance each quarter), 2022 total volume (~$29 billion) was the lowest over the ... >>>Read More
Breaking News: No mandatory cooling-off period required for issuer 10b5-1 repurchases
The U.S. Securities and Exchange Commission (SEC) today adopted amendments to its Rule 10b5-1 under the Securities Exchange Act of 1934 (Rule 10b5-1). Though the SEC had proposed a “cooling off” period for issuers when the amendments were initially proposed last year, the final ... >>>Read More
ASR VWAP Discount: Are You Receiving The Best Price?
Matthews South has advised clients on $80bn of share repurchase to date and ~30% of ASRs in 2022. This experience, coupled with our proprietary software, gives us an unrivaled ability to help our clients achieve the best ASR pricing. In this blog, we present updated statistics on the pricing of ... >>>Read More
Resurgence of Accelerated Share Repurchase (ASRs)
2022 has been a banner year for ASRs with greater volume through the first three quarters than the corresponding period in any year in recent history. There have been 77 ASRs for a total of $73.5bn during this period. ASR terms for companies have never been better given high volatility and rising ... >>>Read More
Q3 2022 Convertible Market Review
As part of our market update series, please see the summary below of what we saw in the convertible market in Q3 2022. Notably, Q3 volumes were the highest of the year totaling $10.5bn - accounts for over 50% of the YTD volumes Healthcare issuance continues to be the largest driver of volumes with ... >>>Read More
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