Over the past five years, Matthews South has advised clients on over $30 billion of ASR transactions. As a result, we have collected a large amount of data on achieving the best pricing for ASRs. In this write-up, we “open source” our findings so that all ASR issuers may benefit from what we have ... >>>Read More
September Convertible Market Review
Total Issuance: September was the busiest month of the year, surpassing August. There was $7.3 billion of convertible bond issuance over 18 transactions, bringing the 2019 total to $34.2 billion (vs. $35.7 billion for the same period in 2018). There was also $4.75 of mandatory convertibles issued by ... >>>Read More
Cautionary Tale of Insulet’s $800mm Convertible Transaction
On September 3rd, Insulet issued $800mm (including greenshoe) of new 7-year convertible bonds, and bought back $225mm principal amount of its old convertibles due 2021. Matthews South was not involved in the transaction. JWood was the independent advisor to the company. The Insulet ... >>>Read More
August Convertible Market Review
Total Issuance: Activity picked up significantly in August, with $7.2 billion of convertible bond issuance over 12 transactions. This makes August the busiest month of 2019, and brings the YTD total issuance to $26.9 billion, versus $32.1 billion in 2018 through August.Market Dynamics: August did ... >>>Read More
July Convertible Market Review
Total Issuance: July is typically quiet with many companies in blackout for much of the month, and last month was especially so – with only 4 small convertible debt deals pricing for a total of $634mm. By comparison, July 2018 saw 5 deals for a total of $2.4 billion. Total issuance YTD is $19.6 ... >>>Read More
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