The return of converts?
Publish date: October 2009
Summary: For a long time, the convertible bond (CB) and convertible bond hedging (CBH) markets were esoteric but stable backwaters of investing known for the prospect of steady returns with effective downside protection. But in 2008 they were among the markets most affected by the financial meltdown. Just as suddenly, in the first half of 2009, the CBH market was one of the best performing markets. This paper details what happened and the outlook today and includes a handy explanation of convertible bond hedging and glossary.
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