US companies turn to convertible bonds as equity fundraising stalls

US companies are turning to convertible bonds as fundraising in Wall Street’s main equities market is at its lowest level for three decades.

December was the busiest month of last year for convertible issuance by deal count according to Refinitiv data, as activity picked up over the second half of 2022. The amount US-based companies raised more than doubled in the second half from the preceding six months, after a sharp earlier slowdown.