Real estate: Hot property in the convertibles market
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CAPITAL MARKETS

Real estate: Hot property in the convertibles market

More real estate companies have come to the market in the past two months than in the past two years.

Global converts by sector 2007 to date
Pos. Issuer sector Deal value (€mln) No.
1 Real estate/property 7,363 20
2 Finance 3,610 11
3 Computers and electronics 3,078 22
4 Healthcare 2,117 14
5 Consumer products 1,488 7
6 Auto/truck 968 4
7 Food and beverage 880 1
8 Telecommunications 773 1
9 Oil and gas 715 8
10 Retail 304 2
11 Utility and energy 289 1
12 Chemicals 189 3
13 Aerospace 180 1
14 Mining 164 3
15 Textile 163 4
16 Transportation 115 1
17 Construction/building 89 2
18 Metal and steel 76 1
19 Machinery 12 1
20 Professional services 6 1
Total 22,579 108
Source: Dealogic

Property companies, once shut out of the convertibles market, are now a booming source of new issuance, accounting for about half the volume of deals in the EMEA region so far this year.

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