Convertible bonds offer investors a hybrid security with pros and cons that can be difficult to assess without a baseline understanding of how they work. During this session, panelists Raj Imteaz of ICR Capital and Greg Rodgers of Latham & Watkins provided a crash course on convertible securities to buy-side investors and sell-side analysts. This session helped participants walk away with a stronger understanding of convertible securities and a better appreciation of the balance sheets and income...

During this session, Raj Imteaz & Anna Shearer of ICR Capital joined by Wilson Sonsini Goodrich & Rosati’s Michael Rosati & Andrew Ralston discussed the various convertible refinancing strategies available to issuers along with execution methods and considerations. Topics discussed included: Convertible refinancing strategies at various stock price levels Convertible buyback alternatives “Creeping Tender” considerations Short covering / “delta rolling” around a convertible refinancing Considerations around call spread unwinds Click here to watch the replay.

2022 was a year marked by the market's increasing preference for structured financing alternatives. During this session, panelists Raj Imteaz and Anna Shearer of ICR Capital joined by Mayer Brown’s Anna Pinedo discussed market trends within the structured debt and private convertibles sector, as well as issues to consider from a legal perspective. Topics discussed included: The building blocks of a convertible, Differences between a private convertible and a public convertible, as well as benefits and drawbacks of each,...

Stocks and bonds each offer distinct advantages, but there’s one type of security that offers the best of both worlds: convertible bonds. Like any bond, they provide guaranteed income. However, they also offer a conversion option, allowing investors to convert the bond into shares of a company’s stock. For the issuing company, convertible bonds offer flexible financing and help minimize negative investor sentiment around equity financing, which can lead to share dilution. In the past...

The panel was hosted by ICR Capital’s Raj Imteaz and Simpson Thacher’s Roxane Reardon, who provided an in-depth look at convertible bonds as a financing tool for corporate issuers in today’s rising rate environment. Raj and Roxane also shared an update on the convertible market, along with their perspectives on how to navigate the current landscape. Topics discussed included: Current rate environment and historical context Impact on corporate balance sheets Ramifications of higher interest rates...