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October Convertible Market Review

by Jared Kramer | November 1, 2019 | Convertible & Call Spread, Market Review

  • Total Issuance: October was typically quiet, with the majority of issuers in blackout for the bulk of the month pending Q3 earnings releases.   $820mm of convertible debt priced in 3 transactions, bringing the YTD total to $35.1 billion (vs. $37.0 billion for the same period in 2018).  Mandatory convertible issuance continues as well, with a $1.15 billion equity units offering by DTE Energy.  
  • Sector: October was notable in that it was the first month in 2019 without an offering from a technology-sector issuer.   All three issuers were common dividend payers resulting in terms providing a bit more yield than typical for the convertible market.

Filed Under: Convertible & Call Spread, Market Review

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