Pursuits
Convertible Sales Halt as Funds Bleed on Defaults: India Credit
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Convertible debt sales in India have halted as investors shun the notes in Asia’s worst-performing stock market, with defaults extending 2012’s record.
Issuance of bonds that can be exchanged for shares was zero in 2013, compared with $600 million in 2012 and a record $7.5 billion in 2007, according to data compiled by Bloomberg. That’s the slowest start since 2000, the data show. Convertibles returned 0.27 percent last quarter, the worst performance in the Asia-Pacific after Singapore’s 0.8 percent loss, Barclays Plc indexes show. The region’s average return was 3.8 percent.