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ArcelorMittal recently issued a $2.25-billion (U.S.) mandatory convertible bond, only the second such deal in as many years. (FRANÇOIS LENOIR/REUTERS)
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Convertible craze puts issuers in the driver’s seat
The easy money has been made in European convertible bonds – but that doesn’t spell an end to investor demand for bonds that turn into shares. Companies capable of concocting attractive convertible bond issues are in sweet spot right now.
Sales of convertible bonds in Europe more than doubled to €17.7-billion ($23.2-billion) last year, according to Barclays. Two very different deals this week underline how favourable conditions are.
