Topic
Debt that holders can exchange for shares at a set price. Issuers sell the embedded conversion option to borrow at low, zero or negative yields.
Metaplanet spent about 19.31 billion yen on 73,981,400 of its own shares on October 14 while arranging a 52 billion yen convertible. Full conversion would issue about 153 million shares, roughly twice the count retired.
Reality
Metaplanet will send up to 28.3 billion yen of a 52 billion yen zero-coupon convertible to share buybacks and 23.6 billion yen to Bitcoin-backed loans. Its borrowing stood at 17.7% of Bitcoin net asset value in September, against a 10% policy ceiling.
Perspective Coverage
6 publishersReality
CIG Shanghai plans to raise about $840 million through convertible bonds and new H shares to add photonics capacity in China, Malaysia, Mexico and the US. Most of the money comes as convertible debt, so what existing shareholders give up depends on whether the Hong Kong stock rises before the bonds mature.
Reality
Nvidia's money buys bonds that can convert into MediaTek equity. The return that matters is NVLink Fusion, which routes every custom accelerator MediaTek designs for a hyperscaler back into an Nvidia rack. The bond terms were not disclosed.
Perspective Coverage
6 publishersReality
Buyers of $3bn of Z.ai paper accepted yields as low as minus 0.5 percent, roughly $15m a year on that size, in exchange for a conversion price only about an eighth above the last close before the placement.
Reality