Banks Tap Convertible Talent as $1.9 Trillion Debt Set to Mature
- TD, Santander among those hiring as refinancings loom
- Uber boosted convertible size to $1.5 billion, cut debt costs
Uber will use part of the proceeds from the new convertibles to redeem $1 billion in outstanding 2025 notes.
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As 2023’s wrecking ball of banker job cuts keeps rolling through the sector month after month, one area has broadly escaped demolition.
Firms including Banco Santander and Toronto-Dominion Bank’s US investment banking arms have been adding to their convertible bond teams, anticipating that companies refinancing existing debt will be drawn to the asset class in the next several years.