Education

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This paper explains why convertible bonds fare much better than a composite portfolio comprising equities and traditional bonds in times of rising interest rates.

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This paper explains the various types of ESG-linked convertibles and their growing popularity.

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Convertible bonds (“CBs”) offer a meaningful and credible alternative to equities, bonds and also to blended equity and bond exposure. This is particularly true for those with a desire to hold ongoing exposure to equities but with a more defensive stance in an environment of rising USD interest rates.

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This document briefly explains English terms that are important in connection with convertible bonds. A certain basic understanding is assumed in the explanations.

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Convertibles are bonds which in addition to providing interest payments (and capital repayment) also include a conversion privilege. This privilege entitles the owner of the convertible to exchange (convert) the bond into a specified number of common shares of the issuer and can therefore be viewed as a call option. Convertible bonds are a relatively complex instrument, but they offer diverse risk profiles and can be employed very flexibly.