Record Convertible Bond Boom Sweeps Asia as Hedge Funds Pile In
- Alibaba, JD.com, Lenovo issued combined $9 billion through CBs
- Bankers expect more Asian companies to tap the market
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Debt that can become equity has become all the rage in Asia, where issuers are increasingly turning to the instrument to get cheap money in an environment of high interest rates.
The notes denominated in US dollars have raised more than $9 billion this month, a record for the region, data compiled by Bloomberg show. Alibaba Group Holding Ltd., JD.com Inc. and Lenovo Group Ltd. accounted for almost all the proceeds.