Convertibles and M&A given a breath of new life, managers say
The two hedge fund strategies least likely to bounce back have been given a new lease on life, fund of fund managers say
Convertible bonds may have turned the corner, according to issuance data, although one set of redemptions in September could still hit this strategy's funds.
Coronation Fund Managers notes activity in convertibles "picked up significantly" during June, with $4.6bn of deals in the US, including $2.07bn for Metlife, complemented by €437m from CapGemini and Sfr430m from Lonza Group.
While credit concerns and equity volatility caused convertibles to begin June on a "slightly weaker note," the fund of
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