After a couple of lean years, convertible bonds (CBs) are enjoying a renaissance in Asia.
On Tuesday (June 4), the Chinese online travel agency Trip.com completed a $1.3 billion sale of convertible senior notes due 2029 to pay down debt and boost its capital reserves.
Two weeks earlier another big mainland digital firm, Alibaba, issued $5 billion in convertible bonds, marking a record dollar-denominated sale by an Asian corporate.
It is a timely return to form for an asset class whose fortunes have always tended to wax and wane.
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