Total Issuance: November activity picked up after a quiet October, with 11 convertible debt deals pricing for a total of $4.0 billion. This brings the YTD total to $39.1 billion — on pace to surpass last year’s full year total of $41.0 billion.Flexibility: November’s new issuance showcased the ... >>>Read More
An appropriate fee for a convertible bond?
During the week before Thanksgiving, the coincidental execution of two convertible bond transactions provided a classic “A/B” comparison that highlights the variability in fees paid by issuers and the important role of the financial advisor in this regard. What is a typical fee for sub-$100mm ... >>>Read More
October Convertible Market Review
Total Issuance: October was typically quiet, with the majority of issuers in blackout for the bulk of the month pending Q3 earnings releases. $820mm of convertible debt priced in 3 transactions, bringing the YTD total to $35.1 billion (vs. $37.0 billion for the same period in 2018). ... >>>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
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