As part of our market update series, below are some key takeaways from the convertible market in 2025. 2025 was a record-breaking year, surpassing 2020 as the most active year in the history of the US convertible market. Q4 new issuance activity remained robust with ~$34 billion in supply, ... >>>Read More
Convertibles Surge with Issuers in the Driver’s Seat: Matthews South Q3 2025 Convertible Market Review
As part of our market update series, below are our key takeaways in the convertible market in the third quarter of 2025. New issue activity in Q3 totaled $32.7 billion, bringing total issuance volume for 2025 to $86.4 billion. Issuance volumes have surged in 2025 and are on track to surpass the ... >>>Read More
Tall Call Spreads are OK too!
Of the nearly 500 deals that have been executed in the U.S. convertible market since 2021, about 47% have included call spread overlays. These derivatives raise the effective conversion premium from the 25 - 50% that is most typical in the convertible bond market to higher levels -- often more ... >>>Read More
Roaring Rebound: Matthews South Q2 2025 Convertible Market Review
As part of our market update series, below are our key takeaways in the convertible market in the second quarter of 2025. New issue activity in Q2 totaled $38.6 billion, bringing total issuance volume for the first half of 2025 to $53.7 billion, tracking 22% above 2024 issuance levels. Q2 was ... >>>Read More
Strength Amid Choppiness: Q1 2025 Convertible Market Review
As part of our market update series, below are our key takeaways in the convertible market in the first quarter of 2025. New issue activity in Q1 totaled $15.1 billion, tracking 31% below 2024 issuance levels but in-line with historical averages. Potential issuers have remained on the sidelines to ... >>>Read More
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