Alibaba to Baidu Lead Surge in Equity-Linked Bond Sales in Asia

Asian sales of bonds that can be turned into shares have soared in 2025, heading toward multiyear highs, as interest rates remain elevated and rallying stocks create the right conditions for this corner of the market to thrive.

Led by Chinese companies, firms in the region have sold more than $30 billion of convertible and exchangeable bonds this year, up from over $20 billion in the same period a year earlier, according to data compiled by Bloomberg. Offerings denominated in US and Hong Kong dollars have been particularly popular.