Singapore

SALES of convertible bonds (CBs) are drying up in South-east Asia after a two-year slide, as stuttering economic growth and debt defaults keep new issuers out of the market.

That's not a problem for Lombard Odier Investment Managers, whose US$50 billion of assets include stakes in hybrid notes from regional companies that have received a boost from the outperformance of their underlying stocks in the past year. Its flagship US$607 million Asian fund has had a total return of 55 per cent since its inception in 2008.