Few treasurers will be unaware of the strong performance of the convertible bond market over the summer, if only because they have probably been subjected to a barrage of presentations on the subject from just about every bank under the sun suggesting that they should join this particular party. It has certainly been a busy time for those UK treasurers and directors of finance who issued convertibles – a list that includes Adrian Coats of Scottish Power, Mike Grant of Cable & Wireless, Peter Barlow of International Power, Kim Holdsworth of BAA, Ian Wall of Xstrata and Geoffrey Barker of Hilton, who collectively raised nearly £2bn.
