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05.01.2017 Investors

A closer look at convertible bonds

A guest contribution by UniCredit examines how convertible bonds can be an attractive asset class for long-term oriented investors.

Dr. Philip Gisdakis, who works at UniCredit's Corporate & Investment Banking unit and heads the Cross Asset Strategy and Credit Strategy & Structured Credit Research teams, looks at the asset class of convertible bonds. In his guest contribution[pdf], he describes their return profile that enables investors to participate with equity like returns in an upturn, while in a downturn it behaves more like bonds and offers a higher level of protection than outright exposures to equities.

In this context, the author also looks at the current market environment and assesses the pro's and con's of other asset classes and investment options. In particular, Dr. Philip Gisdakis describes how convertibles perform as an asset class in comparison to bonds or equities in terms of volatility and returns.

UniCredit is a leading European commercial bank, with leadership positions in Italy, Germany and Austria and strong presence in high-growth CEE countries. It has entered the Swiss ETF market in May 2016 with two products on European convertible bonds.

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