Convertible Bond Market in Frenzy
In China, the convertible bond market is in a feeding frenzy.
From the perspective of investors: During the past month or so, convertible bond-trading accounts more than doubled to 5.9 million. The chance of getting an allocation could be as low as 0.0013%, slimmer than in most initial public offerings.
From the perspective issuers: As of Nov. 7, 120 companies have announced plans to issue convertible bonds, involving 290 billion yuan ($43.6 million), according to data from Industrial Securities. Seventy of these companies announced their plans after new rules on share dumping were issued in May.
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