The latest issues

A wave of Asian convertible bonds has already hit the market so far in 2002, and investors should see a greater diversity of names this year, writes Navroz Patel

In many respects, 2002 has picked up right where 2001 left off for Asia’s convertible bond market. With interest rates still near record lows, convertibles are finding favour with issuers across the region as a cheap means of funding. At the same time, strong demand from investors – especially convertible bond fund managers in Europe, where issuance this year has been limited – is driving up valuations and pricing. So issuers are more disposed to tapping the convertible market over straight debt