Until Hong Kong conglomerate Hutchison Whampoa burst onto the scene last month with the second-largest equity linked bond ever offered – a $3 billion issue exchangeable into the shares of Vodafone – bankers involved in the convertible debt markets had been especially idle throughout the holiday month of August. While executives in most sectors of the capital markets are usually grateful to slow down in the summer, after the traditionally hectic second quarter funding spree, convertible specialists were quite dispirited.
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