Zapped by negative gamma in Japan
Shareholder value is a convertible issue
The launch of the first convertible bond to be denominated in euros coincided with Europe’s spring fashion shows. Impeccable timing, given that both the currency and the product are definitely en vogue in the capital markets this season. The reason is simple: “If both [equity and debt] markets are doing well you get supercharged returns on convertibles,” says Simon McGuire, managing director and global head of equity-linked origination at SBC Warburg Dillon Read.
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