Convertible bond issuance by Japanese companies in 2015 has already topped 2014's full-year issuance and risen to its highest level since 2006, partly because companies are using them to raise funds to buy back their own shares.
Japanese firms issued about 1.2 trillion yen worth of convertible bonds (CBs) in the year through August, compared with 544 billion yen issued in the same period a year ago, and 926 billion in all of 2014, according to Thomson Reuters data.
This year's total is on track to challenge 2004's record high 1.7 trillion yen, as companies such as Mitsumi Electric Co, Towa Pharmaceutical Co and T&D Holdings issued CBs and used some or all of the funds raised for share buybacks.
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Japanese firms issued about 1.2 trillion yen worth of convertible bonds (CBs) in the year through August, compared with 544 billion yen issued in the same period a year ago, and 926 billion in all of 2014, according to Thomson Reuters data.
This year's total is on track to challenge 2004's record high 1.7 trillion yen, as companies such as Mitsumi Electric Co, Towa Pharmaceutical Co and T&D Holdings issued CBs and used some or all of the funds raised for share buybacks.
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