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Global Convertibles Market Conditions in 1Q2023
The asset class strengthened in 1Q2023 despite market volatility, generating a return of 2.9%. New issuance of convertibles globally totaled $19.7 billion across 39 new deals during the period. The average coupon for a new global convertible is 3.7%, compared to the low of 1.4% in 2021. Issuers may increasingly turn to the convertible bond market in the coming year.