U.S. convertible offering activity in September and October raised $10.9Bn (inc. overalloment exercised) via 15 transactions tracked by CMG, a 79% increase from the $6.08Bn raised via 8 transactions the same period last year.
In the U.S., two offerings represented a third of capital raised. Rivian Automotive, Inc. and Western Digital Corp. were the largest convertible offerings overall for the months of September and October with principal amounts of $1.725Bn and $1.6Bn, respectively.
Technology, the most active sector, comprised nearly half (46%) of convertible offerings volume via 6 transactions totaling $4.98Bn in principal amount (inc. overallotment exercised). In the face of choppy market conditions, issuers continue to evaluate convertible bonds as vehicles for liquidity.
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