- Total Issuance: July is typically quiet with many companies in blackout for much of the month, and last month was especially so – with only 4 small convertible debt deals pricing for a total of $634mm. By comparison, July 2018 saw 5 deals for a total of $2.4 billion. Total issuance YTD is $19.6 billion, compared to $29 billion this time last year, leaving the market ready to absorb new paper.
- Forward Calendar: Based on discussions we have had with market participants, August is likely to be a very busy month in the convertible market, although the market choppiness of the last week may cause temporary delays for issuers pursuing opportunistic transactions.