Dealogic | ECM StatShot
Asia Pacific Convertible Bond Volume at Highest Level Since 2011
By Belle Leung
Asia Pacific convertible bond volume totals $6.2bn in 2016 so far, the highest YTD level since 2011 ($7.0bn) and up 44% on 2015 YTD ($4.3bn). Activity, in contrast, has dropped to 21 deals in 2016 YTD, less than half the 44 deals completed in the same 2015 period and the lowest deal count since 2013 (18 deals)
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Key highlights include:
26%
China’s share of
global convertible bond
China’s share of global convertible bond has reached highest on record
China’s share of global convertible bond issuance has risen to 26% in 2016 YTD, the highest share on record and up significantly from 5% in 2015 YTD. France and United Kingdom follow with 19% and 16% shares, respectively. As such, EMEA issuance has also increased to $8.0bn, up from just $1.6bn in 2015 YTD, and the highest YTD since 2013 ($8.1bn). Volume was driven by Vodafone Group’s $4.1bn two-tranche convertible bond in what stands as the largest ECM deal globally in 2016 YTD
29%
Drop in global convertible bond volume
29% Drop in global convertible bond volume
Despite the increase, global convertible bond issuance has dropped 29% to $14.2bn, from $20.0bn in 2015 YTD. Americas led the decline with $1.9bn in 2016 YTD, down from the $14.1bn raised in the same 2015 period and the lowest YTD volume since 2009 ($816m)
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