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  "documentTitle": "JPM Corp Fin Advisory Corporate Compass Jan 2024",
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  "notes": "The slide highlights the correlation between rising BBB yields and increased reliance on convertible debt and private credit.",
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      "text": "Convert issuances by IG firms are at the highest levels in two decades",
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      "text": "IG CONVERT ISSUANCE OVER TIME",
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      "text": "GLOBAL PRIVATE DEBT INSTITUTIONAL FUND AUM ($BN)",
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      "text": "Convertible debt can serve as an attractive and less earnings dilutive means to finance growth and strategic initiatives in a prolonged high-rate environment. Flexibility and demand of private credit with higher rates leads to an increasing supply of money into direct lenders. Private credit as a % of total financing (bank syndicated) for non-LBO leveraged transactions is now 54%. Firms should be prudent to take advantage of creative ways to finance deal activity and growth amidst today's high-rate environment.",
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      "text": "Convertible issuance / Private Debt AUM: 21%",
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      "text": "Source: JPMorgan, Morgan Markets, Pitchbook; Data as of 12/31/2023; Note: 1 Sample set includes cash pay convertible debt issued by US-listed issuers; as a % of all cash pay convertible debt issued by US issuers; 2 Data sourced from Pitchbook",
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      "text": "Higher rates are driving firms to consider alternative means of financing",
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