Performing Credit Quarterly 2Q2023: Fighting The Fed
The Insight by Oaktree Capital
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Global Convertibles Market Outlook in 2Q2023
New issuance of global convertibles totaled $19.5 billion across 41 new deals during the period, well above last year's sluggish pace and in line with pre-pandemic average volume. Technology stocks outperformed this sector buoyed by the positive outlook for artificial intelligence. All sectors were negatively impacted by rising interest rates, higher capitalization rates,. declining transaction volumes, and reduced bank lending. Weakness in the CMBS market could create compelling opportunities for disciplined investors.
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