Global companies raise massive cash through convertible bonds at start of 2021

Global companies are raising vast amounts of money through convertible bonds this year, as soaring stock markets lift demand for these bonds which give investors the option to change into equity shares at a later date.

Graphic: Global issuance of convertible bonds - https://fingfx.thomsonreuters.com/gfx/mkt/qmypmwaowpr/globalper cent20issuanceper cent20inper cent20millions.jpg Convertible bonds are an alternative to equity placements and bond issues, and allow companies with low or no credit ratings easier access to cash than a regular bond issue.

Frank Campana, portfolio manager at Insight Investment said the record convertible issuance in 2020 was due to companies in travel, leisure and airlines looking to raise liquidity and shore up their balance sheets as coronavirus curbs ground the global economy to a halt last year.

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