Convertible Bonds Are Booming. Here's What You Need to Know. -- Barrons.com
Convertible Bonds Are Booming. Here's What You Need to Know. -- Barrons.com
DJ Convertible Bonds Are Booming. Here's What You Need to Know. -- Barrons.com
DJ可轉換債券正在蓬勃發展。這是你需要知道的。--Barrons.com
By Andrew Bary
安德魯·巴里(Andrew Bary)著
Convertible bond issuance is booming as companies like Airbnb, Ford Motor, Spotify Technology, and Twitter take advantage of strong investor demand to get attractive financing.
隨着Airbnb、福特汽車(Ford Motor)、Spotify Technology和Twitter等公司利用投資者強勁的需求獲得有吸引力的融資，可轉換債券的發行正在蓬勃發展。
U.S. convertibles issuance so far in March has totaled $21.6 billion, a record monthly total, and that doesn't include a coming $1 billion deal from ViacomCBS (ticker: VIAC). The March tally exceeds the $21.5 billion issued in May 2020, according to Michael Youngworth, the head of global convertibles strategy at Bank of America Securities.
3月份到目前為止，美國可轉換債券發行總額達到216億美元，創下月度紀錄，這還不包括維亞康姆哥倫比亞廣播公司(ViacomCBS)即將進行的10億美元交易。美國銀行證券(Bank Of America Securities)全球可轉換債券策略主管邁克爾·楊沃斯(Michael Young Gworth)表示，3月份的數字超過了2020年5月發行的215億美元。
For the year so far, issuance has totaled $37.3 billion. If that pace continues, this will be a record year for convertibles issuance. During 2020, $105.8 billion of new converts were issued, just shy of the record $106.4 billion in 2001.
今年到目前為止，債券發行總額已達373億美元。如果這一速度繼續下去，今年將是可轉債發行創紀錄的一年。2020年，發行了1058億美元的新皈依者，略低於2001年創紀錄的1064億美元。
More investors are attracted to the convertible market, thanks to its impressive showing last year, when it returned 46%. Now, the sector is broadening with many new issuers.
更多的投資者被可轉換車市場吸引，這要歸功於其去年令人印象深刻的表現，當時它的回報率為46%。現在，該行業正在拓寬，有許多新的發行者。
"It's a way to get equity exposure with principal protection; it's a great way to be in the market," says Tracy Maitland, the president and chief investment officer of Advent Capital Management, which runs $11 billion mostly in convertibles. It manages the Advent Convertible & Income (AVK) closed-end fund.
Advent Capital Management總裁兼首席投資官特雷西·梅特蘭(Tracy Maitland)表示：“這是一種在本金保護下獲得股票敞口的方式；這是進入市場的一個很好的方式。”Advent Capital Management運營着110億美元的資產，主要是可轉換債券。它管理着Advent可轉換收益(AVK)封閉式基金。
Maitland likes a recent convertible from Ford (F), saying that it amounts to an "option" on the company's recovery and electric vehicle initiatives with downside protection.
梅特蘭喜歡福特(Ford)最近推出的一款敞篷車，他説，這相當於為公司的復甦和電動汽車計劃提供了一個“選項”，並提供了下行保護。
Many companies are issuing convertibles with interest rates of zero and at historically high conversion premiums of as much as 60%, which means it will take a sizable gain in the underlying stocks for investors to score on the new deals.
許多公司正在發行利率為零的可轉換債券，轉換溢價高達60%，這意味着投資者將需要標的股票獲得可觀的收益才能從新交易中獲利。
The market is not as appealing as it was when companies like Carnival (CCL) and Southwest Airlines (LUV) issued attractively priced converts in the wake of the pandemic a year ago.
這個市場已經不像一年前狂歡節(Carnival)和西南航空(Southwest Airlines)等公司在疫情爆發後發行價格誘人的轉換產品時那麼有吸引力了。
The weighted average rate on new deals this year is 0.5%, with a 46% premium, against an average of 1.5% and a 35% premium in 2020, according to Bank of America Securities.
根據美國銀行證券(Bank Of America Securities)的數據，今年新交易的加權平均利率為0.5%，溢價46%，而2020年的平均利率為1.5%，溢價為35%。
The $2 billion deals from Airbnb (ABNB) and Ford carried zero interest rates, with the Airbnb convert having a 60% premium. Issuance has accelerated recently with six deals that came to market Monday including JetBlue Airways (JBLU), Redfin (RDFN), and Tripadvisor (TRIP).
Airbnb和福特價值20億美元的交易是零利率的，Airbnb轉換後的交易有60%的溢價。最近，包括捷藍航空(JetBlue Airways)、Redfin和TripAdvisor在內的六筆交易於週一上市，股票發行速度加快。
Convertibles returned 4.4% this year through Monday, based on the ICE BofA US Convertibles index after gaining about 46% in 2020. The largest convertibles exchange-traded fund, the SPDR Bloomberg Barclays Convertible Securities ETF (CWB) is up about 1%. The U.S. market now totals $345 billion.
根據洲際交易所美國可轉換債券指數(ICE BofA US Convertible Index)，可轉換債券今年截至週一的回報率為4.4%，而2020年的漲幅約為46%。最大的可轉換交易所交易基金(ETF)SPDR彭博巴克萊可轉換證券ETF(CWB)上漲約1%。美國市場目前的總規模為3450億美元。
Write to Andrew Bary at andrew.bary@barrons.com
寫信給安德魯·巴里，電子郵件：andrew.bary@Barrons.com
(END) Dow Jones Newswires
(完)道瓊通訊社
March 24, 2021 07:29 ET (11:29 GMT)
2021年3月24日07：29美國東部時間(格林尼治標準時間11：29)
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