Podcasts about convertibles

Vehicle with a removable roof

  • 149PODCASTS
  • 393EPISODES
  • 23mAVG DURATION
  • 1WEEKLY EPISODE
  • Jun 22, 2026LATEST
convertibles

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Best podcasts about convertibles

Latest podcast episodes about convertibles

The mix by SILEX
Nouveau président à la Fed, nouveau régime pour le dollar

The mix by SILEX

Play Episode Listen Later Jun 22, 2026 9:01


Semaine #26. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX
En avant, Warsh !

The mix by SILEX

Play Episode Listen Later Jun 15, 2026 9:34


Semaine #25. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX
L'emploi prend sa revanche sur l'IA

The mix by SILEX

Play Episode Listen Later Jun 8, 2026 9:17


Semaine #24. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX
Les planètes s'alignent (semble-t-il)

The mix by SILEX

Play Episode Listen Later Jun 1, 2026 9:51


Semaine #23. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX
L'Amérique craint l'inflation, l'Europe la récession

The mix by SILEX

Play Episode Listen Later May 26, 2026 9:30


Semaine #22. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The Ian Dempsey Breakfast Show
Gift Grub: Cyclists, Convertibles & Summer Rage

The Ian Dempsey Breakfast Show

Play Episode Listen Later May 25, 2026 3:36


Well, the sun is splitting the stones, the barbecues are out, and there's a smell of suncream in the air. However, not everyone is thrilled about the heatwave. On this morning's Gift Grub, Daniel O'Donnell had a major rant about the good weather. What's new there?!

The mix by SILEX
Sur le papier, tout est réglé ✅

The mix by SILEX

Play Episode Listen Later May 11, 2026 9:54


Semaine #20. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX
Brent de panique ?

The mix by SILEX

Play Episode Listen Later May 4, 2026 9:33


Semaine #19. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX
Pas de blocus pour Wall Street

The mix by SILEX

Play Episode Listen Later Apr 27, 2026 9:13


Semaine #18. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX
Ormuz, ouvre-toi !

The mix by SILEX

Play Episode Listen Later Apr 20, 2026 6:33


Semaine #17. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX
Le vacarme, le rallye et les doutes

The mix by SILEX

Play Episode Listen Later Apr 13, 2026 8:39


Semaine #16. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX
Faut-il voir le baril à moitié plein ?

The mix by SILEX

Play Episode Listen Later Apr 7, 2026 7:57


Semaine #15. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #14. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX
⛽ GNL : Plus d'eau dans le gaz, donc moins de gaz sur l'eau

The mix by SILEX

Play Episode Listen Later Mar 23, 2026 9:01


Semaine #13. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX
⛳️ La partie de Golfe se complique pour Trump

The mix by SILEX

Play Episode Listen Later Mar 16, 2026 9:55


Semaine #12. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX
⚔️ La Guerre du Détroit a bien lieu

The mix by SILEX

Play Episode Listen Later Mar 9, 2026 8:29


Semaine #11. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #10. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #09. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #08. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #07. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #06. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #05. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #04. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #03. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #51. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX
✨ 3 salles, 3 ambiances

The mix by SILEX

Play Episode Listen Later Dec 8, 2025 7:49


Semaine #50. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted on Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #49. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted by Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #48. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted by Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #47. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted by Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #46. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted by Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #45. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted by Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #44. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted by Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #43. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted by Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #42. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted by Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #41. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted by Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #40. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted by Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #39. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted by Ausha. See ausha.co/privacy-policy for more information.

The mix by SILEX

Semaine #38. Chaque lundi matin nous servons le SILEXpresso, un condensé vocal de 5mn sur nos vues macro et allocation.  Retrouvez également le SILEXpresso, et bien plus encore, sur l'app SPARK :https://go.silex-partners.com/download/my_SPARK_appHosted by Ausha. See ausha.co/privacy-policy for more information.

Welcome to the Arena
Syed "Raj" Imteaz, Head of ICR's Convertible and Equity Derivatives Advisory – Convertibles Demystified: How ICR is helping clients navigate a white-hot convert market

Welcome to the Arena

Play Episode Listen Later Sep 10, 2025 22:26


Issuing convertible derivatives can be a great way for companies to raise capital, but issuance can be complex and daunting. Today's guest, Syed "Raj" Imteaz, has made a career out of demystifying that process.Raj is the head of ICR's Convertible and Equity Derivatives Advisory. During his career at ICR, Barclays and Lehman Brothers, he has worked on more than 200 convertible and equity derivatives transactions, totalling over $125 billion in deal value. Raj joins us to discuss the state of the convert market, the importance of receiving unbiased advice, and the incredible ROI he and his team are able to provide clients.Highlights:The importance of convertible and equity derivatives advisors (2:24)How Raj's team helps companies save money (4:16)The power of the ICR platform (7:16)The importance of unbiased advice (11:50)What's behind the booming convert market? (15:09)Why some firms shy away from converts (18:13)Factors influencing the future convert market (20:18)Links:Syed "Raj" Imteaz LinkedInICR Convertible and Equity Derivatives AdvisoryICR LinkedInICR TwitterICR WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, joe@lowerstreet.co.

The LRM Podcast
Your questions answered, our dream £250k garages and Evoque convertibles in the wild

The LRM Podcast

Play Episode Listen Later Jul 9, 2025 71:09


In this episode, Steve Miller is back in the hot seat alongside Land Rover Monthly editor Martin Domoney to answer a plethora of listeners' questions! From which grease to use and where, to choosing between a Discovery 3 and 4, to how to protect your paint while greenlaning, there's been a big variety of queries flooding into our inbox, and the boys are keen to get your answers!Elsewhere, Martin and Steve build their ideal collection with £250,000 to spend and an empty shed. What would you choose? Let us know on editorial@lrm.co.uk and don't forget to keep your questions coming in.Martin reveals the plan for his 110, and Steve gets all excited about wiring. It's all going on!As always, please do send your feedback, leave a rating or review on your preferred streaming platform and if you want to get in touch send an email to editorial@lrm.co.uk – we love to hear from you. Enjoy the episode.

Shift and Steer
Shift and Steer in Five Saturday May 10th

Shift and Steer

Play Episode Listen Later May 10, 2025 4:26


This is our new Shift and Steer in FIVE, your quick-hit automotive news podcast. On this episode: • Convertibles of Summer • Hot Rod Power Tour 2025 Let us know your thoughts about our five-minute shows; hit us up on Instagram @shiftSteerMedia or shiftandsteer@gmail.com. VISIT US ONLINE: https://www.shiftandsteer.com/ FOLLOW US IN INSTAGRAM: @ShiftSteerMedia @Bradley_Fanshaw @Win_Brads_Stuff @Motorator @AaronHagar  

Market Weekly
The case for long-short convertibles in volatile times

Market Weekly

Play Episode Listen Later Apr 8, 2025 6:56


A popular investment strategy targeting market-neutral exposure involves an overweight exposure to convertible bonds in combination with an underweight in the underlying equity that the bonds typically convert into. Skander discusses with Chief Market Strategist Daniel Morris how these strategies can appeal to investors looking for less risk and less volatility in their portfolios.For more insights, visit Viewpoint: https://viewpoint.bnpparibas-am.com/Download the Viewpoint app: https://onelink.to/tpxq34Follow us on LinkedIn: https://bnpp.lk/amHosted by Ausha. See ausha.co/privacy-policy for more information.

CEF INSIGHTS
The Case for Convertibles & High Yield

CEF INSIGHTS

Play Episode Listen Later Jan 22, 2025 10:11


With additional capital raised in 2024, the Advent Convertible & Income Fund (AVK) balances convertible securities and high yield bonds as it aims to provide capital appreciation and income amid current market conditions. Gain updates on the Fund's portfolio allocation, performance and potential opportunities from Portfolio Manager Tony Huang. Advent Capital Management is the Investment Adviser of the Advent Convertible and Income Fund (AVK). The Servicing Agent for the Fund is Guggenheim Funds Distributors.

Driving You Crazy
E336 - Why Americans stopped buying convertibles

Driving You Crazy

Play Episode Listen Later Jun 12, 2024 46:20


Have you ever owned a convertible? They are an experience all to their own but have you seen any lately on the roads? I read an article on the website The Hustle titled, “Why Americans Stopped Buying Convertibles” written by journalist Mark Dent. Being a former owner of a convertible I invited Mark on the podcast to talk all about that as well as his experience riding in an autonomous semi truck that are operating right now on the interstates of Texas that he wrote about for Texas Monthly. All that and more on the Driving You Crazy Podcast.    Contact: https://www.denver7.com/traffic/driving-you-crazy 303-832-0217 or DrivingYouCrazyPodcast@Gmail.com Jayson: twitter.com/Denver7Traffic or www.facebook.com/JaysonLuberTrafficGuy  WhatsApp: https://wa.me/17204028248 Instagram: https://www.instagram.com/denver7traffic   Mark Dent: https://www.markjdent.com/ Convertible story: https://thehustle.co/originals/why-americans-stopped-buying-convertibles Autonomous trucks story: https://www.texasmonthly.com/news-politics/driverless-trucks-texas-highways/   Production Notes: Open music: jazzyfrenchy by Bensound Close music: Latché Swing by Hungaria

Tim Conway Jr. on Demand
Hour 2 | Sphere We Are @ConwayShow

Tim Conway Jr. on Demand

Play Episode Listen Later May 30, 2024 31:30 Transcription Available


Man with suspended license joins court Zoom call while driving, shocks judge // Jeweler robbed, shocked with stun gun in rideshare after leaving Las Vegas Strip convention // Power outage scheduled along Interstate 15 in Mojave Desert // Tim drove a convertible car across the country // Can you Sphere Me Now? Audio Coming to Vegas Venue's Exterior // Intuit Dome trespassers sneak into Knott's in latest TikTok video // UCLA owes LAPD a lot of money for the clearing of the encampment on campus // Moana 2 trailer has us all hyped // Jim Henson “Idea Man” talk 

Mike's Daily Podcast
Convertibles!

Mike's Daily Podcast

Play Episode Listen Later May 15, 2024 17376:24


Mike Matthews talks about the interesting news from the middle of the week and Mike answers what Summer will not be bringing us this year. Join Mike as he podcasts live from Café Anyway with Benita, the Disgruntled Fiddle Player, and the Brewmaster. Next show it's Madame Rootabega, Valentino, and Bison Bentley.

brewmasters mike matthews convertibles disgruntled fiddle player madame rootabega
The Dana & Parks Podcast
After decades of turning trucks into convertibles...could the Independence Ave Bridge have eaten it's last truck? Hour 4 2/1/2024

The Dana & Parks Podcast

Play Episode Listen Later Feb 1, 2024 35:08


Attitudes!
Ohio's Issue 1, New Hampshire Public Art Ban, Mustang Convertibles and LA Theater

Attitudes!

Play Episode Listen Later Nov 9, 2023 67:15


Erin is back in Santa Fe after having to drive a Mustang Convertible and Bryan goes to an interactive theater experience. Erin describes Ohio Republicans' amped up lies to get people to vote against Issue 1 for abortion access, and Bryan discusses Pride Murals that have the Littleton, NH town council reacting by considering a ban on public art. Join us on the road to 3,000 subscribers on Patreon today and unlock hours of back catalog bonus eps, plus all of Groceries Seasons 1-3! Visit www.patreon.com/attitudes  Enter the Attitudes! Discord community today to discuss high heel shoe chairs and wigs with your fellow Attituders, plus Wednesday night watch parties of the week's Dateline and Columbo episodes! Click here: https://discord.gg/yfpbykWY6 Learn more about your ad choices. Visit megaphone.fm/adchoices

Thoughts on the Market
Todd Castagno: Rising Growth in Convertibles Bonds

Thoughts on the Market

Play Episode Listen Later Oct 5, 2023 3:18


Here's why convertible bonds, an often overlooked asset class, are becoming more attractive as an alternative to common stock.----- Transcript -----Welcome to Thoughts on the Market. I'm Todd Castagno, head of Morgan Stanley's Global Valuation Accounting Research Team. Along with my colleagues bringing you a variety of perspectives, today I'll be discussing the increasing attractiveness of the convertible debt market. It's Thursday, October 5th at 10 a.m. in New York. Rising interest rates have increased borrowing costs for everybody, and that includes companies looking to raise or refinance debt. And that generates a renewed appetite for an oft overlooked asset class called convertible bonds. But what are convertible bonds? To start, convertible bonds are what we call a hybrid instrument, combining the features of a traditional corporate debt and common equity. Similar to corporate bonds, convertibles offer guaranteed income via interest of the initial investment. The reason they are called "convertible" is because they offer investors the option to convert that bond to common stock when a company's share price hits a certain threshold. These hybrid features provide investors with downside protection and upside equity appreciation. There are many reasons why companies choose to issue convertible debt. First, they offer a strategic financial flexibility for high growth in early stage companies, a quick time to market execution time. Second, convertible debt provides an alternative path for companies that would find it difficult to access straight debt in the market. Third, they offer a way to raise equity without issuing more stock directly through secondary offerings. And this is a big plus for corporates because investors often perceive a secondary offering as a negative signal. And finally, a lower cash coupon and lower interest expense is very attractive in a high-rate environment. Why is that? Convertible bonds have lost market share from traditional corporate debt over the last 15 years. The convertibles market size has remained largely unchanged, while the traditional corporate debt market in the U.S. has roughly doubled. Convertibles are relatively less attractive at lower interest rates and accommodating capital markets for traditional alternatives. As it stands, 2023 is on track to double last year's issuance, as likely to be the highest post global financial crisis issuance outside of COVID. Important to note, the nature of issuance this year is different from recent history. In the last decade or so, issuance has been led by smaller market cap and growth companies, who don't have established debt markets or ratings and thus don't have easy access to straight debt capital. However, this year, 65% of issuers have had a credit rating and thus have had easy access to the straight debt market. They're coming to the convertibles market, not as a necessity, but are instead actively choosing to issue converts because of the favorable economics, through interest expense savings, and a last wrinkle, new favorable accounting. Accounting rules recently changed that reduce complexity for both issuers and investors. While accounting typically does not drive economics, on the margin, the recent change improves transparency and reduces cost to issue. Utilities have been especially large convertible issuers this year in the market. 75% of convertible offerings in 2023 year-to-date have been refinancing, which are likely to be one of the areas primed for growth in the capital markets. Looking ahead, we believe the convertibles market is poised for growth. We will likely see more convertible issuances, given a higher interest rate environment, tighter capital markets and a wall maturities, that is coming due in the next 2 to 3 years. Convertibles are a particularly suitable instrument in this context as they offer defensive income enhanced alternative to investing in the underlying common stock. Thanks for listening. If you enjoy the show, please leave us a review on Apple Podcasts and share Thoughts on the Market with a friend or colleague today.

The Collecting Cars Podcast with Chris Harris
Collecting Addicts Episode 27: Convertibles Are Great, BMW Still Makes The Best Cars & Best Pedals.

The Collecting Cars Podcast with Chris Harris

Play Episode Listen Later Jul 21, 2023 61:00


This week and for the first time in 27 episodes, the Collecting Addicts Podcast was recorded in front of a live audience! Our panel members share their opinions on convertibles, discuss whether BMW still makes the ultimate driving machine, argue about the best pedals fitted to a car, recount their one automotive story they'd take to a desert island, pick out two cars for an unnamed automotive presenter recently finding themselves on a mandatory sabbatical, and finally clamour their favourite driving tune of the week. --- (00:00) Intro - Collecting Sausages (00:59) Love for convertibles (10:06) BMW: still the ultimate driving machine? (24:04) Best pedals (37:45) Favourite motoring story (49:20) Two car garage (57:16) Driving tunes