Cash-Hungry Companies Reach for Lifeline in Convertible Bonds

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Bonds that can convert into stocks are making up the biggest portion of equity fundraising since the financial crisis

Nearly 60% of all money raised in equity capital markets in April through Tuesday—totaling more than $12.

5 billion—has been through convertible-bond sales, according to Dealogic. That is the highest percentage since early 2008, and bankers say they expect to see many more convertible deals in the coming weeks.

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