Convertibles Notch $5 Billion Week as Rate Cuts Appear Distant
- Issues last week raised most in the period since February 2023
- BofA sees US convertible volume this year of up to $65 billion
A Lyft Inc. light sits on the dashboard of a vehicle in the Time Square neighborhood of New York.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
A long-awaited wave of convertible bonds made landfall last week, with Global Payments Inc. and Lyft Inc. among the companies tapping investors for relief from the so-called maturity wall at relatively attractive prices.
Convertible issues had their busiest week in a year, with five issues raising a combined $5.18 billion in the seven-day period ending Friday, according to data compiled by Bloomberg. That’s just shy of the $5.99 billion raised in the week of Feb. 20 last year.