“The momentum for the convertible market is ready to hit full throttle in the second half, helped by a higher-for-longer rates environment and strong demand for the asset class.”

 “One of compelling advantages in convertible bonds is the speed of access for issuers and its significant amount of coupon savings. That explains why more investment-grade, top-tier companies are tapping this hybrid product as a way to extract coupon savings and to optimize capital structures.”

 “Double-digit growth in mergers and acquisitions should persist during the next year as conditions and optimism have improved and a very quiet 2023 left much pent-up deal activity.”

 “The recent deceleration in inflation, coinciding with stable growth outlooks in the US, has driven positive animal spirits... The energy and basic industry sectors are expected by Barclays to be the most active for M&A during the next year. Midstream firms like pipelines are set up well to continue to consolidate given low leverage, strong balance sheets and more modest growth in US production — so long as oil prices do not shift dramatically.”

 “JD.com’s 1Q retail-operating margin probably fell year on year for the second straight quarter. Revenue gain may have trailed cost hikes from new perks to merchants and users, such as free delivery services, as well as higher staff salaries amid intense rivalry from Alibaba, Douyin and other retailers. The firm likely incurred more expenses after offering free delivery services to a wider spectrum of third-party merchants and lowering the minimum value of on-demand orders which are entitled to this incentive. JD.com’s new free-returns service in 1Q may have also raised costs.”