A tale of two emerging markets
Although they form a global market worth more than $350 billion – and have a pedigree dating back more than a century – convertible bonds are all still regarded in many quarters as exotic and obscure instruments. Often associated with start-up or high-risk corporate borrowers, most convertibles are still domestic US issues.
But convertibles are coming into the mainstream of the international capital markets. Partly this reflects their growing use in emerging markets.
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