Risky technology groups are rushing to raise cheap cash on the convertible bond market while investor enthusiasm about artificial intelligence fuels a surge in their stock prices.
US companies have raised roughly $7.4bn through such debt in February, according to data from LSEG, the highest monthly figure since August, with tech and fintech groups accounting for three-quarters of the total. Last week was the busiest in a year for sales of so-called convertibles.
The Federal Reserve has been holding its benchmark interest rate at a 22-year high since July, but borrowers in convertible markets have been able to raise funds at much lower interest rates with relatively few restrictions on how they spend them.
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