By Brian Sozzi
"Although convertible bonds are called bonds, they behave like stocks, work like options, and are cloaked in obscurity." ?Benjamin Graham
Debt underwriting has been a hot place for an I-banker to reside within the confines of the biggest financial institutions around during the risk asset rally. Straight U.S. debt issuances clocked in at $1.2 trillion in 2010, about on par with 2009, though on a fewer number of issuances. Companies have sought to capitalize on the attractive interest rate environment courtesy of the Federal Reserve to re-lever, or lever for the first time, their balance sheets to undertake a combination of: (1) capex funding; (2) share repurchase program and dividend plan funding; (3) debt maturity extension; (4) the bringing in of low cost funds for a rainy day should the economy hit the skids once more.
Lately, a paradigm shift has surfaced, where those in the executive
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