Investors accept low or negative yields as optimism over Chinese stocks fuels demand for equity-linked debt
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Hong Kong’s convertible bond market is having its busiest year on record, with companies raising $14.2 billion so far this year as investors pour into equity-linked debt despite low or negative yields, according to investment bank UBS.
Appetite for equity-linked debt is strong amid global volatility, even with aggressive terms, analysts say.
Bankers say the boom reflects both cost advantages for issuers and structural reforms that help broaden the investor base.
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