China’s Luckin Coffee made a splash this week by announcing a sale of at least $400m of convertible bonds as it pushes to overtake Starbucks in its homemarket.
The debt instruments, which switch into equity if shares rise to a pre-determined price, were a big hit with global investors last year.
Across Asia, excluding Japan, companies pumped out $9.4bn of the instruments, the highest level in 12 years. Luckin’s early dip into the market in 2020 suggests the market’s thirst is not yet sated.
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