Whether it’s an IPO, Direct Listing or SPAC transaction, secondary offering, convertible debt transaction, block trade, or other potential vehicles, raising capital in the public markets is an insider’s game with its own language, process, and participants. At ICR Capital, we help demystify this market and educate you on how to be successful by regularly sharing articles, guides, checklists, primers, webinars, and other resources to help you position your company for success.


Convertible Bond Refinancing: Your Options Explained

By Syed Raj Imteaz

Convertible bonds are a popular financing option for many public companies, and in 2020-2021, the market witnessed more than $200bn of convertible issuance. Nearly all convertibles have five-to-seven-year maturities, and there is $170bn of convertible maturities in 2025-2027. The majority of convertibles are refinanced one to two- years ahead of maturity, prior to the liability “going current,” meaning the market is likely to see a refinancing wave in the next few years. When deciding whether...


Demystifying Convertible Bonds for Equity and Credit Investors

By ICR Capital Team

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...


Mastering the Art of Convertible Liability Management

By ICR Capital Team

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.


Understanding Structured Debt and Private Convertibles

By ICR Capital Team

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,...


Convertible Bonds FAQ: What Investors and Analysts Need to Know

By ICR Capital Team

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...