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What is Covenants in Convertible Bonds 2023 about?

This document summarizes a journal article that examines the role of restrictive covenants in convertible bonds. The study finds: 1) Convertible bonds have significantly fewer covenants than straight bonds, even after controlling for issuer characteristics. On average, convertible bonds have 3.21 fewer covenants. 2) While covenants negatively impact straight bond yields, there is no negative association between covenants and convertible bond yields. 3) Determinants of covenant intensity from previous s

Author

thalia vente colan

Language

EN