By Tom Zanki (August 14, 2020, 1:50 PM EDT) -- The booming global market for green bonds, whereby companies borrow money and earmark proceeds for environmentally friendly purposes, is now expanding to include hybrid bonds that can convert from debt into equity.
Before 2020, only two green convertible bonds were issued, according to Dealogic. But at lease five U.S. and European companies since May have issued green convertible bonds, which have features resembling ordinary bonds except that investors may convert these securities into stock.
Capital markets lawyers expect these hybrid securities to grow along with the larger green bond market, aided by investor demand plus the desire of companies to tout...
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