U.S. issuance of convertible bonds in May hit a record high of US$20.7 billion, according to Bank of America data, as companies struggling with the impact of the coronavirus pandemic ventured into the one-time niche market seeking cheaper and easier ways to borrow cash.

NEW YORK: U.S. issuance of convertible bonds in May hit a record high of US$20.7 billion, according to Bank of America data, as companies struggling with the impact of the coronavirus pandemic ventured into the one-time niche market seeking cheaper and easier ways to borrow cash.