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Alibaba, Baidu Lead Surge in Equity-Linked Bond Sales in Asia
The Straits Times
|July 16, 2025
Companies in region have sold more than $38.5 billion of convertible and exchangeable bonds so far in 2025
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Asian sales of bonds that can be turned into shares have soared in 2025, heading towards multi-year highs, as interest rates remain elevated and rallying stocks create the right conditions for this corner of the market to thrive.
Led by Chinese companies, firms in the region have sold more than US$30 billion (S$38.5 billion) of convertible and exchangeable bonds in 2025, up from more than US$20 billion in the same period a year earlier, according to data compiled by Bloomberg. Offerings denominated in US and Hong Kong dollars have been particularly popular.
Concerns about inflation from US tariffs have kept Federal Reserve officials from cutting rates, making instruments such as convertibles that pay little or even no interest more attractive for borrowers. For investors, these hybrid securities offer a way to ride the recent rally in Chinese stocks, with limited downside.
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