After a lacklustre year for convertible bonds in 2022, global market stabilisation in 2023 has led to a pick-up in interest from both companies and investors, with issuance passing US$19bn for the first quarter. This recovery has helped to boost the delta profile of the convertible bond universe. The market now offers more of the desired convexity, a far cry from the lows of 2022, when many convertible bonds were trading close to their bond floors.
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