Balance sheets set to improve on conversions

  by Saskia Scholtes Fitch predicts improvements to corporate leverage as convertibles are exercised

According to a recent study by Fitch Ratings, the market for convertible securities is set for a growing number of conversions from debt to equity in the medium term, as improving equity market valuations bring many issues increasingly close to their conversion points. And for some issuers, the balance sheet impact of conversion could be dramatic.

Glenn Grabelsky, convertibles analyst at Fitch and author of the study, says: “Should overall equity valuations and market indexes return

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