Driving in reverse
Most of the recent problems for buyers of reverse convertibles started at the end of 2007, at a time when the market was regularly absorbing 500 launches every month. As global equity markets collapsed, the number of reverse convertible investors receiving shares upon redemption diverged dramatically from normal market conditions. “Where we had seen a typical distribution of 80:20 between those investors receiving principal at redemption versus stock, during the worst of the turmoil, that ratio
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