How do you entice a highly rated, well-respected and conservative issuer to use a product they’ve never used before? You offer them a whole new investor base willing to buy a security that bags the issuer savings of 40 basis points over Libor. That’s what Wells Fargo managed last month when it issued its first convertible in at least 25 years.
For most of that stretch it was in good company. Convertibles weren’t used by investment-grade corporates.
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